L3 Unit 3 Assignment 1
The information is usually separated into groups:
Product and Product group
store location or outlet
The member of staff that sold it.
The customer and type of customer.
It is also interested by how the money is acutally being spent. They help to guide the company and aim to prevent the company from running out of money.
This is descriptive data for things like the colour, texture etc.
This data is harder to measure than quantitative data.
Things like the length, height and area are the things recorded here.
This can also include customer data for things like age and the amount of members.
Secondary data can be very useful to other busninesses so they don't make the same mistakes that one business does.
The characteristics of good information
The infromation should be correct, this makes it reliable. The sources that the information are valid trusted sources.
The information should be from the correct time period, making it timely.
The information should be fit for purpose meaning that it makes sense with with what it is supposed to do.
When the information is accessible, it means that it can be accessed when it is needed, easily. It should also be easy to understand.
It should not cost more to make the information than the information will make in a profit. For example if the information costs about £2000 to make it should make more than that to be cost effective.
Making the infromation accurate is important. This is important because if the information is inaccurate it may end up with the user of the information breaking the law.
The infromation should be relevent. Meaning that the business should actually have some use for it. An example i found is a bakery looking at the price of metal. Not really all that relevent.