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Chapter 4

Chapter 4 Using Secondary Data and Online Information Databases

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Ryerson University
MKT 500
Tina West

MKT500 Market Research CHAPTER 4 Using Secondary Data and Online Information Databases SECONDARY DATA  Primary data: information that is developed or gathered by the researcher specifically for the research project at hand  Secondary data: information previously gathered by someone other than the researcher and/or for some purpose other than the research project at hand o Used for forecast size of market, evaluate market performance  Demographic and psychographic groups: identified as market segments, in that they tend to make similar purchases, have similar attitudes, and have similar media habits CLASSIFICATION OF SECONDARY DATA INTERNAL SECONDARY DATA  Internal secondary data: data that have been collected within the firm, including sales records, purchase requisitions, and invoices o Part of the internal reports system of a firm’s marketing information system (MIS)  Database marketing: process of building, maintaining, and using consumer (internal) databases and other (internal) databases (products, suppliers, resellers) for the purpose of contacting, transacting, and building relationships INTERNAL DATABASE  Database: collection of data and information describing items of interest  Record: each unit of information in a database; could represent customer, supplier, competitive firm, product, individual inventory item, and so on  Fields: subcomponents of record information  Internal databases: databases consisting of information gathered by a company during the normal course of business transactions  Customer relationship management (CRM): using internal databases for purposes of direct marketing and to strengthen relationships with customers  Data mining: analysing data for trends or patterns o Designed to gain insight for helping managers make decisions o Value of data mining can be to increase the efficiency and/or decrease cost of marketing by increasing customer loyalty, cross-sell, up-sell, or by decreasing churn or credit risk  Internal databases can be developed through company websites and can include company blogs, online forums, and other forms of social media originating from the company  Text mining: text from internal and external data sources EXTERNAL SECONDARY DATA  External secondary data: data obtained from outside the firm  Three general sources of external data: 1. Published sources: prepared for public distribution and are normally found in libraries or provided by a variety of other entities, such as trade associations, professional organizations, or companies  Libraries list of books and other publications in electronic records with fields that are searchable electronically  Catalogue: list of a library’s holdings of books and are sometimes list of periodicals to which the library subscribes  Indexes: records compiled from periodicals and contain information on the contents of periodicals recorded in fields such as author, title, keywords, date of publication, name of periodical, and so on 2. Syndicated services data: suppliers sell information to multiple subscribers, thus making the costs more reasonable for any one subscriber  Standardized data: provide by firms that collect data in a standard format 3. Database  External databases: supplied by organizations outside the firm and may be used as sources of secondary data  Online information database: databases available online and searchable by search engines MKT500 Market Research ADVANTAGES OF SECONDARY DATA  Data can be obtained quickly on the internet for free  Collecting data is inexpensive when compared with collecting primary data  Data is usually available, especially with improvements in technology  Enhances existing primary data by familiarizing with the industry, including sales and profit trends, major competitors, and the significant issues facing the industry to identify concepts, data, and terminology useful in conducting primary research  Can help achieve research objective DISADVANTAGES OF SECONDARY DATA  Incompatible reporting units since researcher’s use of secondary data often depends on whether the reporting unit matches the researcher’s need o Geodemographic information system offer marketers access to data in arbitrarily defined reporting units  Measurement units reported in secondary data sources do not match the researcher’s needs  Class definitions of reported data not useable o Data is often reported by dividing a variable among different classes and reporting the frequency of occurrence in each class  Data is outdated EVALUATING SECONDARY DATA  Information evaluated before issued as basis for making decision must answer five questions: 1. What is the purpose of the study?  Studies are sometimes conducted to advance special interest of those conducting the study 2. Who collected the information?  Important to question competence of organization that collected the information even if there is no bias i. Ask others who have more experience in a given industry (i.e. creditable organizations) ii. Examine report itself  Should provide written and detailed explanations of procedures and methods used in collecting information contained in the report iii. Contact pervious clients of the firm 3. What information was collected?  Studies claim to provide information on specific subject, but actually measure something different 4. How was the information obtained? 5. How consistent is the information with other information?  If two or more independent organizations report the same data, there is a greater confidence in validity and reliability of the data LOCATING SECONDARY DATA SOURCES  Databases are searched with several methods (basic, advanced, and command) of searching the databases  Boolean logic: establishment of relationships between words and terms in most databases o Typical words used as operators are AND, OR, and NOT  Field searching: searching records in a database by one or more if its fields  Proximity operators: allow searcher to indicate how close and in which order two or more words are to be positioned within the record o Typical words used as operators are ADJ, NEAR, and SAME  Truncation: allows the root of the word to be submitted, retrieving all words beginning with that root  Nesting: technique that indicates the order in which a search is to be done  Limiting: allows restricting searches to only those database records that meet specified criteria STANDARDIZED INFORMATION  Standardized information: type of secondary data in which the data collected and/or the process of collecting the data are standardized for all users  Two broad classes of standardized information: 1. Syndicated data: data collected in a standard format and made available to all subscribers  Form of external, secondary data supplied from a common database
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