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BRM - CH8 - Secondary Data - Coggle Diagram
BRM - CH8 - Secondary Data
What is it?
Data that have been previously collected for some purpose other than the one at hand.
Advantages
It is widely available
in many situations, secondary data is accesible, instantaneous, and free
It can track hard to gather sensitive topics such as child labour rates, etc.
Disadvantages
It was not tailored to answer the researcher's question
require an assessment to whether the data is valuable or not
In the subject matter consistent with our problem definition?
do the data apply to the population of interest?
does it apply to the time period of interest?
Does the units of measurement appear correct?
Data conversion or Data Transformation
might be needed if units are in different form that what you require. "The process of changing the original form of data to a format suitable to achieve the research objective"
does the data cover the subject of interest in adequate detail?
assess if variables and variables classification are in line with your research
Is the data accurate?
Cross Checking
data from multiple sources comes in handy to validate the data's accuracy "The comparison of data from one source with data from another source to determine the similarity of independent projects."
Typical Objectives
Fact finding
Identification of Consumer Behaviour for a Product Category
Trend analysis
Market Tracking:
The observation and analysis of trends in industry volume and brand share over time.
Environmental scanning: to actively search for changes in the environment when in their initial stages of development
model building:
specifying relationships between two or more variables, can involve the development of descriptive or predictive equations
Estimating Market Potential for Geographic Areas
Forecasting Sales
multiplying past sales data by a growth factor
multiplying industry growth rate to past sales data
Analysis of Trade Areas and Sites
site analysis techniques
: select a best location for retail or wholesale operation by using secondary data
Index of retail saturation
: a way to investigate retail sites and to describe the relationship between retail demand and supply.
database marketing
Using customer databases to promote one-to-one relationships with customers and create precisely targeted promotions
normally complementing your CRM data with data from secondary sources
Sources of Secondary Data
Internal and Proprietary Data
Secondary data that originate inside the organization
accounting systems
routine documents
Invoices, etc
corporate intranet
External Data
Data created, recorded, or generated by an entity other than the researcher's organization
Information can be considered as a Product and it also can be accessed through distribution channels
Libraries
The Internet
Vendors
Producers
publishers of books and periodicals
government sources
media sources
trade association sources
Commercial sources
market share data
Demographic and census updates
Consumer attitude and Public Opinion Research
Consumption and Purchase Behaviour Data
Advertising Research
Single-Source Data-Integrated Information
diverse types of data offered by a single company, usually integrated on the basis of a common variable such as geographic area or store
Data Mining
What is it? using 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 Networks
: a form of AI in which the computer is programmed to search for relationships in a similar way as the human brain does
Market-Basket Analysis:
usage of anonymous PoS transaction databases to identify coinciding purchases or relationships between products purchased and other retail shopping iformation.
Customer Discovery
: using Data-Mining to search for patterns that can identify who is likely to be a valuable customer
Sources of Global Research
take in consideration the following
secondary data carries its normal limitations
data can be manufactured due to political reasons
terminology might differ
data might be simply unavailable
accuracy might falter