MKT 500 Lecture Notes - Lecture 5: Reduced Cost, American Community Survey, User-Generated Content

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11 Aug 2016
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Mkt 500: Chapter 5
Chapter 5: Secondary Data and packaged information
SECONDARY DATA
Primary vs. secondary data
- Primary data – refers to information that is gathered/developed by the
researcher for a specific project
- Secondary data – is data that has been previously gathered by someone other
than the researcher and/or for some other purpose than the research project
at hand
Uses of secondary data
- can be used in predicting broad changes in a cultures “way of life” to specific
applications, such as selecting a street address location for a new car wash
- other suggested uses would be economic-trend forecasting, corporate
intelligence, international data, public opinion, historical data etc.
- it can also be used for demographic purposes
Classification of secondary data
- Internal secondary data
oInternal secondary data are data that have been collected within the
firm
oSuch data included sales records, purchase requisitions, and invoices
oDatabase marketing – is the process of building, maintaining, and
using customer (internal) databases and other (internal) databases
(products, suppliers, and resellers) to contact, transaction and build
customers relationships
oDatabase – refers to a collection of data and information describing
items of interest
oRecord – each unit of information
oFields – are subcomponents of records
oEx. A company with a customer database would have records
representing each customer. Typical fields in a customer database
would include name, address, telephone number, email address, dates
of purchases, warranty information etc.
oInternal databases – consist of information gathered by a company,
typically during the normal course of business transaction
oAnother use for internal databases would be CRM
oCRM – when companies use their internal databases for the purpose
of direct marketing and to strengthen relationships with customers
oData mining – software that helps managers make sense out of
seemingly senseless masses of information contained in a databases
oMicromarketing – employs a differentiated marketing mix for specific
customer segments, sometimes fine-tuned for the individual shopper
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o5 ways that companies use their databases:
1. to identify prospects
2. to decide which customer should receive a particular offer
3. to deepen customer loyalty
4. to reactivate customer purchase – sending a birthday card
5. to avoid serious customer mistakes
- External Secondary data
oare data that are obtained from outside the firm
othere are 3 main sources published, syndicated service data, and
databases
published sources – are those sources of information that are
prepared for public distribution and are normally found in
libraries or through trade entities, such as trade associations,
professional organizations, and companies – a lot of these can
now be found online
syndicated services data – are provided by firms that collect
data in a standard format and make them available to
subscribing firms
External databases – are databases supplied by organizations
outside the firm. Online information databases are sources of
secondary data searchable by search engines online
Advantages of secondary data
1. Can be obtained quickly
2. They are inexpensive
3. Are usually readily available
4. Enhance primary data collection
5. May be just enough to achieve the research objective
Disadvantages of secondary data
1. Incompatible reporting units
- county, city, metro area, region, zip code or core based statistical areas
- core based statistical areas – are geographic reporting units used by the
Census Bureau – made of 2 separate units: metropolitan and micropolitan
SAs
- metropolitan SAs – defined by the Office of Management and Budget as
having at least one urbanized area of 50,000 or more population plus
adjacent territory that has a high degree of social and economic integration
with the core as measured commuting ties
- Micropolitan SAs – are new set of statistical areas that have at least one
urban cluster of at least 10,000 but less than 50,000 population, plus
adjacent territory that has a high degree of social and economic integration
with the core MSA as measured by commuting ties
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