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Secondary Data Research in Digital Age

Secondary Data Research in Digital Age (Source: W.G Zikmund, B.J Babin, J.C Carr and M. Griffin, Business Research Methods, 8th Edition, U.S, South-Western Cengage Learning, 2008). Objectives. Discuss the advantages and disadvantages of secondary data

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Secondary Data Research in Digital Age

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  1. Secondary Data Research in Digital Age (Source: W.G Zikmund, B.J Babin, J.C Carr and M. Griffin, Business Research Methods, 8th Edition, U.S, South-Western Cengage Learning, 2008)

  2. Objectives • Discuss the advantages and disadvantages of secondary data • Define types of secondary data analysis conducted by business research managers • Identify various internal and proprietary sources of secondary data • Give examples of various external sources of secondary data

  3. Secondary Data Research • Secondary Data • Data gathered and recorded by someone else prior to and for a purpose other than the current project. • Advantages • Available • Faster and less expensive than acquiring primary data • Requires no access to subjects • Inexpensive—government data is often free • May provide information otherwise not accessible • Disadvantages • Uncertain accuracy • Data not consistent with needs • Inappropriate units of measurement • Time period inappropriate (outdated)

  4. Is it possible to go to the original data source? Evaluating Secondary Data

  5. Secondary Data Research (cont’d) • Data conversion • The process of changing the original form of the data to a format suitable to achieve the research objective • Also called data transformation • Cross-checks • The comparison of data from one source with data from another source to determine the similarity of independent projects.

  6. Common Research Objectives for Secondary-Data Studies

  7. Typical Objectives for Secondary-Data Research Designs • Fact Finding • Identification of consumer behavior for a product category • Trend Analysis • Market tracking—the observation and analysis of trends in industry volume and brand share over time. • Environmental Scanning • Information gathering and fact-finding that is designed to detect indications of environmental changes in their initial stages of development.

  8. Model Building Estimating Market Potential ForecastingSales ModelBuilding Analysis of Trade Areas and Sites

  9. Data Mining • Data Mining • The use of powerful computers to dig through volumes of data to discover patterns about an organization’s customers and products; applies to many different forms of analysis. • Neural Network • A form of artificial intelligence in which a computer is programmed to mimic the way that human brains process information.

  10. Data Mining (cont’d) • Market-Basket Analysis • A form of data mining that analyzes anonymous point-of-sale transaction databases to identify coinciding purchases or relationships between products purchased and other retail shopping information. • Customer Discovery • Involves mining data to look for patterns identifying who is likely to be a valuable customer.

  11. Database Marketing and Customer Relationship Management • Database Marketing • The use of customer relationship management (CRM) databases to promote one-to-one relationships with customers and create precisely targeted promotions. • The practice of maintaining a customer database of: • Names and addresses • Past purchases • Responses to past efforts • Data from numerous other outside sources

  12. Sources of Internal Secondary Data • Internal and Proprietary Data • Accounting information • Sales information and backorders • Customer complaints, service records, warranty card returns, and other records. • Intranets

  13. External Secondary Data Sources • External Data • Generated or recorded by an entity other than the researcher’s organization. • Information as a product and its distribution • Libraries • Internet • Vendors • Producers • Books and periodicals • Government • Media • Trade associations • Commercial sources

  14. Information as a Product and Its Distribution Channels

  15. Commercial Sources • Market-share data • Demographic and census updates • Consumer attitude and public opinion research • Consumption and purchase behavior data • Advertising research

  16. Single-Source and Global Research Data • Single-Source Data • Diverse types of data offered by a single company. • Usually integrated on the basis of a common variable (i.e., geographic area or store). • Government Agencies • Global secondary data • Typical limitations of secondary data • Additional pitfalls • Unavailable in some countries • Questionable accuracy (political influences) • Lack of standardized research terminology • CIA’s World Factbook; National Trade Data Bank

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