COMMERCE 2MA3 Lecture Notes - Lecture 7: Jargon, Data Mining
7 Nov 2016
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Document Summary
75% of global manufacturers" business initiatives rely on virtual solution tools for testing. The important thing is that it is systemic and not haphazard. Research includes analysis and conclusions that are passed on. It costs a lot of time and money. Answer: customers will be more likely to provide honest responses. Step 1: what would you like to accomplish. Secondary data is for a purpose other than your own research. Primary data is collected specifically for your issue. Main forms are focus groups, interviews or surveys. Once you start making sense of the data, then the data starts becoming useful. Data can be numerical or factual info that on their own have limited value to marketers. When the data is interpreted, they become information. Now you can describe, explain, predict and/or evaluate a particular situation and then use it to develop insights. It is important to be objective about the data. This is important for any kind of research.
