Question

Data to Information, Knowledge, and Wisdom Companies collect immense amounts of data and managers must find ways to convert the raw data into something that can be useful when making marketing-strategy decisions. There exists the ability to transform data to information, knowledge, and wisdom. The goal of this exercise is to demonstrate your understanding of the differences between data, information, knowledge, and wisdom. From the list of categories, choose the one that best matches the description on the right. nces Total Foods Supermarket collects the amount spent and specific items that each of its customers purchases via barcodes scanned at its checkout lines. Information Knowledge The manager of the Total Foods Supermarket produce department conducted an analysis that showed that younger, more affluent females were buying less produce from his store than from the competition. Data A focus group helped Total Foods Supermarket learn that the limited selection it offered in the produce department had led to declining sales Wisdom The produce buyer at Total Foods Supermarket used her experience to successfully anticipate which exotic fruits and vegetables would be most popular with its customers.

Answer 1

DATA	Total Foods Supermarket collects the amount spent and specific items that each of its customers purchases via bar codes scanned at it's checkout lines.	Data is a collection of facts,numbers etc in raw form. Here barcode readers collects data from each individual transaction for further processing.
INFORMATION	Manager of the Total Foods Supermarket produce department conducted an analysis that showed that younger,more affluent females were buying less produce from his store than from competition.	When data is processed it become information. Data processing involves combining different sets of data depending on the purpose for which it is used.
KNOWLEDGE	A focus group helped Total Foods Supermarket learn that the limited selection it offered in the produce department had led to declining sales.	When information deeived from the data is applied to achieve the goals, it becomes knowledge and adds more meaning to information.
WISDOM	The produce buyer at Total Foods Supermarket used her experience to successfully anticipate which exotic fruits and vegetables would be most popular with its customers.	When knowledge is used to derive a solution, attains wisdom.