Chapter 4 - Secondary data and databases. 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? You will learn the answers to these questions in chapter four. | 4-1 Chapter Four 4-2 Secondary Data vs. Primary Data Secondary Data: Data than have been previously gathered. Primary Data: New data gathered to help solve the problem under investigation. Key Terms & Definitions 4-3 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 Usually less expensive and faster to gather Advantages of Secondary Data Key Terms & Definitions 4-4 Lack of Availability Might not be any available data on your topic Lack of Relevance Data might be outdated Inaccuracy Might be biased - intentionally or unintentionally Questionable source Insufficiency Not enough information exists Disadvantages of Secondary Data Key Terms & Definitions 4-5 Assessing Secondary Data Key Terms & Definitions Who gathered the data? What was the purpose of the study? What information . | 4-1 Chapter Four 4-2 Secondary Data vs. Primary Data Secondary Data: Data than have been previously gathered. Primary Data: New data gathered to help solve the problem under investigation. Key Terms & Definitions 4-3 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 Usually less expensive and faster to gather Advantages of Secondary Data Key Terms & Definitions 4-4 Lack of Availability Might not be any available data on your topic Lack of Relevance Data might be outdated Inaccuracy Might be biased - intentionally or unintentionally Questionable source Insufficiency Not enough information exists Disadvantages of Secondary Data Key Terms & Definitions 4-5 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? 4-6 Internal Database: A collection of related information developed from data within the organization. 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 4-7 Creation of large - up to date - computerized file Can include current, past, or potential customers Might be focused on demographic / purchase behaviors Development of customer profile results Should enable one to generate direct marketing mailers /e-mails targeted at specific customers based on their buying behavior Can be used to collect customer information from your Web site Should be organized to enable you to search the database using queries Should be compatible with database software that will enhance .
