Chapter 4: Secondary Data & Big Data Analytics – Flashcards
Unlock all answers in this set
Unlock answersquestion
• Secondary: data that has been previously gathered • Primary: new data gathered to help solve the problem under investigation
answer
Difference between SECONDARY and PRIMARY data
question
Both
answer
Is SECONDARY data internal or external?
question
• Scanner research (data generated electronically via point-of-purchase) • Panel research (group of recruits to take part in research sessions over period of time).
answer
Two types of EXTERNAL secondary data: Define each.
question
• Government publications: - Statistical abstracts - Census data - Federal reserve bulletins • Periodicals and Books - Trade magazines (e.g., Marketing Health Services) • News media articles / internet data • Syndicated/commercial data (Conducted by a market research firm in an area that may be of interest to multiple companies or organizations within a particular industry)
answer
Examples of EXTERNAL secondary data
question
• Helps clarify the problem; • May provide a solution; • Can provide primary research alternatives; • Alerts researcher to other problems; • Provides background information; • Provides sample frame
answer
Advantages of secondary data
question
• Lack of availability; • Lacks relevance; • Inaccurate; • Insufficient
answer
Disadvantages of secondary data
question
• WHO gathered the data? • PURPOSE of the study? • WHAT INFORMATION was collected? • WHEN was the data collected? • HOW was the information collected? • Is the information CONSISTENT with other information?
answer
Questions to ask about secondary research:
question
• Collection of related information developed from data WITHIN an organization
answer
Define INTERNAL DATABASE
question
- Creates large computerized files - Includes current, past, or potential customers - Focuses on demographic/purchase behaviors - Develop customer profiles - Generates customer e-mails via buying behaviors - Collects customer info for website - Enables database search queries - Compatible with database software, to enhance analysis
answer
Features of INTERNAL DATABASE
question
• Marketing relying on the creation of a large computerized file of (potential) customers' profiles, purchase patterns • Creates a targeted marketing mix
answer
Define DATABASE MARKETING
question
• Using statistical data and other advanced software to discover hidden information; • Methods to find information not visible on the surface
answer
Define DATA MINING
question
80% of effects come from 20% of causes
answer
Define the "80/20 rule"
question
- Using learning experience from Hurricane Charley to PREDICT DEMAND of Hurricane Frances
answer
Example application of PREDICTING DEMAND
question
- Customer acquisition - Customer retention - Customer abandonment - Market based analysis
answer
Examples of DATA MINING applications
question
• Use of online and offline data to understand consumer habits, demographics, social networks • Increases effectiveness of online advertising
answer
Define BEHAVIORAL TARGETING What is its purpose?
question
• The accumulation and analysis of massive quantities of info • Offers: - Deeper insights - Broader insights
answer
Define BIG DATA ANALYTICS What does it offer?
question
• Computer-based system using secondary data to generate maps • Various types of geographical data
answer
Define GEOGRAPHICAL INFORMATION SYSTEMS What does it visually display?
question
• Interactive, personalized information management system • To give individual decision makers the power to control and initiate
answer
Define DECISION SUPPORT SYSTEMS (DSS) What is its purpose?
question
• Conduct sales analysis • Forecast sales • Evaluate advertising • Analyze product lines • Keep tabs on market trends/competitors' actions
answer
Example uses of DECISION SUPPORT SYSTEMS (DSS):
question
• Interactive (quick and live data) • Flexible (manipulate data) • Discovery-oriented • Easy to learn, use
answer
Key components of DECISION SUPPORT SYSTEMS (DSS):
