Exploratory Research Design: Secondary and Syndicated Data

Flashcards based on lecture notes about Exploratory Research Design, Secondary and Syndicated Data

What is primary data?

Information collected directly from original sources for a specific research purpose.

What is secondary data?

Information that has already been collected and published by others.

What is marketing intelligence?

Insights and data related to market trends, consumer behavior, and competitive dynamics.

What are characteristics of secondary data?

Specifications and research design tend to be apparent, tend to have regular updates, generated in-house and from organizations with research prowess, tend to be quantitative, tend to be from reputable and trustworthy research sources and tend to have clear definitions.

What are characteristics of marketing intelligence?

Can be poorly structured, irregular availability, generated in-house and from unofficial sources, tends to be qualitative, questionable credibility, ambiguous definitions, opinion based, interpretative, some techniques may be seen as industrial espionage.

What are the primary sources of data?

Surveys, interviews, experiments.

What are the secondary sources of data?

Published reports, databases, statistics.

Why is Primary Data costly?

Often more expensive due to the resources required to collect it.

Why is Secondary Data less costly?

Generally less expensive since it relies on existing data.

How long does Primary Data collection take?

Usually takes longer to collect and analyze.

How long does Secondary Data collection take?

Quicker to obtain since it is already available.

What is the control level of primary data?

Higher control over data quality and relevance.

What is the control level of secondary data?

Less control over data quality; may be outdated or irrelevant.

How is Primary Data tailored?

Tailored specifically to the researcher's needs.

How well does Secondary Data fit the needs?

May not perfectly fit the research needs.

How is primary data useful?

Useful for specific, targeted research.

How is secondary data useful?

Useful for background research and trend analysis.

How does Secondary Data offer cost-effective insights?

Provides valuable insights at a lower cost than primary data collection.

How does Secondary Data allow time-saving research?

Allows marketers to save time, as they can quickly access and analyze information instead of conducting lengthy surveys or interviews.

How does Secondary Data help with trend analysis?

Helps in identifying market trends and consumer behavior by analyzing existing reports, studies, and data sets.

How does Secondary Data enhance targeting?

By leveraging demographic and psychographic information from secondary sources, marketers can refine their targeting strategies to reach specific audience segments more effectively.

How can Secondary Data provide competitive analysis?

Marketers can use secondary data to analyze competitors' performance and strategies, gaining insights that can lead to improved positioning in the market.

How can Secondary Data provide Market Validation?

Secondary data can be used to validate hypotheses or assumptions about market conditions or consumer preferences, reducing the risk associated with new marketing initiatives.

How does secondary data lack control in data quality?

Researchers have no control over how the data was collected, measured, or recorded, which can lead to inconsistencies and inaccuracies in the information.

How can Relevance Issues limit Secondary Data?

May not be entirely relevant to the specific research questions or objectives at hand, may be outdated or not tailored to the current context, affecting its applicability.

How can potential bias be a limitation of Secondary Data?

Might reflect the biases of the original data collectors, which can distort the findings and lead to misinterpretations if researchers do not critically assess the source of the data.

How does Limited Specificity limit Secondary Data?

Often lacks the granularity required for in-depth analysis, researchers may find that the data does not provide the specific details necessary to answer their research questions comprehensively.

How do Data Availability Constraints limit Secondary Data?

Access can be restricted due to copyright, privacy, or proprietary concerns, limiting the ability of researchers to utilize certain datasets effectively.

How does outdated information limit Secondary Data?

May be years or even decades old, which can lead to conclusions that do not reflect current realities or trends.

Why is relevance a criteria for evaluating secondary data?

The data should be relevant to the research question or objective, this means that it must directly relate to the topic being studied and provide insights that are applicable to the current analysis.

Why is accuracy a criteria for evaluating secondary data?

Evaluating the accuracy of secondary data is crucial, this involves checking the source of the data, the methodology used to collect it, and whether it has been verified by other credible sources.

Why is timeliness a criteria for evaluating secondary data?

The data should be up-to-date and relevant to the current context; Outdated data may lead to incorrect conclusions and misinformed decisions.

Why is source credibility a criteria for evaluating secondary data?

Understanding the credibility of the source from which the data is obtained is vital; Reputable sources typically provide data that is reliable and valid.

Why are bias and objectivity criteria for evaluating secondary data?

Assessing any potential bias in the data is essential, researchers should consider whether the data collection process was objective or if it reflects any particular agenda.

Why is completeness a criteria for evaluating secondary data?

Complete data sets provide a full picture of the research topic; Incomplete data can lead to erroneous interpretations and conclusions.

Why is comparability a criteria for evaluating secondary data?

The ability to compare the secondary data with other data sets or research findings enhances its value; Standardized data formats allow for easier comparisons.

Why is context a criteria for evaluating secondary data?

Understanding the context in which the data was collected can impact its applicability; Researchers should consider cultural, geographical, and temporal contexts.

What are internal secondary data?

Originates from within the organization conducting the research such as sales reports, customer databases, and past marketing campaign results.

What are external secondary data?

Comes from sources outside the organization, such as government statistics, industry publications, and market research reports.

What are published external secondary sources?

Documents and reports created by individuals or organizations that compile, analyze, and present information gathered from various primary sources.

What is the importance of published external secondary sources in research?

Play a critical role in academic and professional research by providing context, background information, and data that can support or challenge hypotheses.

What are the common types of external secondary sources?

Journal articles, government publications, industry reports, and statistical databases.

What are online computerized databases?

Accessed through a network, typically requiring a subscription or direct connection to a service provider.

What are internet computerized databases?

Accessed via the World Wide Web, using standard internet protocols.

What are offline computerized databases?

Stored on local media (e.g., CD-ROMs, hard drives) and accessed without a network connection.

What are bibliographic databases?

Contain citations and abstracts of published literature (e.g., journal articles, books, reports).

What are numeric databases?

Store quantitative data, such as financial statistics, scientific measurements, or demographic data.

What are full-text databases?

Provide the complete text of documents, such as articles, books, or legal documents.

What are directory databases?

Contain information about individuals or organizations, such as contact details, addresses, and affiliations.

What are special-purpose databases?

Designed for specific applications or industries, such as medical databases, patent databases, or geographical information systems (GIS).

What are Audit services?

Verification of product movement by examining physical records or performing inventory analysis