Session 2: Datas

What are the 3 critical roles of Marketing Research?

Descriptive = what happened; Diagnostic = why it happened; Predictive = what will happen next.

What is the difference between Primary and Secondary Data?

Primary Data is newly collected for the specific research question; Secondary Data was previously collected for another purpose.

What are the 2 types of Secondary Data sources?

Internal sources and External sources.

What are Internal Secondary Data?

Existing data from within the company such as CRM financial sales and customer data.

What are External Secondary Data?

Existing data from outside the company such as government industry media or syndicated data.

What should be checked before using Secondary Data?

Who collected it; why; what; when; how; consistency with other data; and the unit of analysis.

What does CRAAP stand for?

Currency; Relevance; Authority; Accuracy; Purpose.

What is Syndicated Data?

Standardized off-the-shelf data collected and sold by research firms to multiple clients.

What is Panel Data?

Longitudinal data collected repeatedly from the same subjects over time.

What is the difference between Cross-sectional and Longitudinal Data?

Cross-sectional = one point in time; Longitudinal = same sample measured repeatedly over time.

What are the 2 main types of Panel Data?

Retail Panels and Consumer or Household Panels.

What is the key difference between Retail and Consumer Panels?

Retail Panels show sales and distribution; Consumer Panels show who buys what where when and how much.

What does a Retail Panel measure?

Sales; market share; distribution; prices; promotions; and the retail offer.

What does a Consumer Panel measure?

Buyer profiles; penetration; purchase frequency; quantity purchased; loyalty; and brand switching.

What are the 4 steps for analyzing Retail Panel Data?

Diagnose performance; analyze distribution; analyze promotion; understand demand.

What does UD stand for and measure?

Unweighted Distribution = percentage of stores carrying the product.

What is the formula for UD?

UD = Stores carrying the product / Total stores × 100.

What does WD stand for and measure?

Weighted Distribution = category sales represented by stores carrying the product.

What is the formula for WD?

WD = Category sales of stores carrying product / Total category sales × 100.

What does WD > UD generally indicate?

The product is concentrated in larger or more important stores.

What does UD > WD generally indicate?

The product is present in many stores but underrepresented in larger or more important stores.

What does Share of Sales on Promotion measure?

The proportion of total sales generated during promotions.

What is the formula for Share of Sales on Promotion?

Promotional sales / Total sales × 100.

What are the 3 key Consumer Panel purchasing indicators?

NB = Number of Buyers; Acts = Number of Purchases; QB = Quantity Bought.

What is the Penetration Rate?

The percentage of households that purchased a product or used a retailer or channel during a period.

How is brand revenue broken down using Consumer Panel Data?

Number of buyers × Repeat purchases × Quantity purchased per act.

What is Sentiment Analysis?

An AI/NLP technique used to identify and classify emotions attitudes or opinions in text or speech.

What does NLP stand for?

Natural Language Processing.

What is an AI Agent?

Software that perceives data decides what action to take and acts autonomously toward a goal.

What is a Digital Twin?

A virtual replica of a real-world object customer system store or market used for simulation and analysis.