What are secondary data? What are their advantages and disadvantages? How is data mining used by managers to extract insights from databases? Most importantly, how do managers manage the huge flow of information they have available? Chapter 3 - Secondary data and big data. | 3-1 Chapter Three 3-2 Secondary Data vs. Primary Data Secondary Data: Data than have been previously gathered and may be relevant to the problem at hand. Primary Data: New data gathered to help solve the problem under investigation. Key Terms & Definitions 3-3 Can help to clarify or refine the issue or problem Might provide a solution to a research problem Might provide primary data research alternatives Can alert the researcher to other problems Provides background information enhancing research credibility Provides the sample frame Advantages of Secondary Data Key Terms & Definitions 3-4 Lack of Availability Might not be any available data on your topic Lack of Relevance Data might be outdated Units of measure cannot be used by researcher Inaccuracy Might be biased - intentionally or unintentionally Questionable source (Page 43) Insufficiency Not enough information exists Limitations of Secondary Data Key Terms & Definitions 3-5 Assessing Secondary Data Key Terms & . | 3-1 Chapter Three 3-2 Secondary Data vs. Primary Data Secondary Data: Data than have been previously gathered and may be relevant to the problem at hand. Primary Data: New data gathered to help solve the problem under investigation. Key Terms & Definitions 3-3 Can help to clarify or refine the issue or problem Might provide a solution to a research problem Might provide primary data research alternatives Can alert the researcher to other problems Provides background information enhancing research credibility Provides the sample frame Advantages of Secondary Data Key Terms & Definitions 3-4 Lack of Availability Might not be any available data on your topic Lack of Relevance Data might be outdated Units of measure cannot be used by researcher Inaccuracy Might be biased - intentionally or unintentionally Questionable source (Page 43) Insufficiency Not enough information exists Limitations of Secondary Data Key Terms & Definitions 3-5 Assessing Secondary Data Key Terms & Definitions Who gathered the data? What was the purpose of the study? What information was collected? When was the information collected? How was the information collected? Is the information consistent with other information? 3-6 Internal Database: A collection of related information developed from data within the organization. A traditional starting point has been the firm’s sales or inquiry processing and tracking system. Built on call reports. Database Marketing: Marketing that relies on the creation of a large computerized file of customers’ and potential customers’ profiles and purchase patterns to create a targeted marketing mix Internal Databases Key Terms & Definitions 3-7 Neutral Network: A computer program that mimics the processes of the human brain and thus is capable of learning from examples to find patterns in data. Data Mining: The use of statistical and other advanced software to discover non-obvious patterns hidden in a database. Objective is to identify patterns that .
