Final answer:
The electronic collections of consumer and marketing information are targeted compilations of internal company data used for business decision-making, involving methods such as surveys, in-depth interviews, and price collection by the BLS or individual stores.
Step-by-step explanation:
The electronic collections of consumer and marketing information obtained from within a company are composed of data collections that are strategically assembled to aid in business decision-making. These collections may include a vast array of information such as the results of market research studies, prices of goods, consumer demographics, and behavior patterns. For example, the data might be gathered from conducting surveys with certain populations, like landlords or the customers of a retail chain, to gauge rent levels or consumer age demographics. Moreover, these data sets can be quantitative in nature, providing a numerical basis for analyzing trends and making forecasts.
Data collection methods are varied, ranging from personal visits and phone calls to thousands of stores and individuals, to in-depth interviews, focus groups, and analysis of content sources. The Bureau of Labor Statistics (BLS), for instance, collects data on prices by visiting or calling approximately 23,000 stores in 87 urban areas across the US monthly, as well as carrying out surveys among 50,000 landlords or tenants to gather rent information. Stores may also collect marketing data by distributing questionnaires to understand the age distribution of their clients.
These data collections hold immense value for businesses as they provide insights that are indispensable for strategic planning and prioritization. Companies often allow for free, electronic, and continuously updated access to these data sets, giving their marketing teams real-time information to react swiftly to market changes. Such comprehensive databases are instrumental for businesses to stay competitive and cater to their customer base more effectively.