Chapter 6: Primary vs. Secondary Data, and Big Data

This set of flashcards covers the distinction between primary and secondary data, the role of Big Data and data mining in marketing research, data quality evaluation criteria, and the CRAAP test for source credibility.

What is the definition of primary data?

Data that are originated by a researcher for the SPECIFIC PURPOSE of addressing the problem at hand.

What is the definition of secondary data?

Data that have been collected for purposes OTHER THAN the problem at hand.

What are the three main drawbacks of primary data?

It can be expensive, time-consuming, and complex.

What are the benefits of using secondary data?

It is faster, easier to obtain, and generally cheaper than gathering primary data.

What is internal secondary data?

Proprietary data that originate within the organization, such as sales invoices, customer complaints, and service records.

What is external secondary data?

Facts observed and recorded by an entity other than the researcher’s organization, such as libraries, the internet, and vendors.

In the context of fact-finding, what is market tracking?

The observation and analysis of trends in industry volume and brand share over time.

What is database marketing?

The practice of using CRM (customer relationship management) databases to develop one-to-one relationships and precisely targeted promotional efforts.

What is a popular example of a CRM platform mentioned in the text?

Salesforce

How does the transcript define 'Big Data'?

Large quantities of data taken from varied sources that were not originally intended to be used together.

What is data mining?

The use of powerful computer analytical routines to dig automatically through huge volumes of data searching for useful patterns of relationships.

What quality refers to the pertinence of particular facts to the topic at hand?

Relevance

What quality refers to having the right amount of information sufficient for decision-making?

Completeness

What quality relates to data accurately matching reality through validity and reliability?

Quality

What term refers to the rate of change in environmental and competitive factors?

Market dynamism

What is a neural network?

A form of artificial intelligence programmed to mimic the way human brains process information and model decision-making processes.

What is market-basket analysis?

A form of data mining that analyzes anonymous point-of-sale transaction databases to identify coinciding purchases.

What is the general rule regarding the order of data collection?

ALWAYS start with secondary data and proceed to primary data collection only when secondary sources are exhausted or yield marginal returns.

What does the acronym CRAAP stand for in source evaluation?

Currency, Relevance, Authority, Accuracy, and Purpose.

In the CRAAP test, what does 'Currency' evaluate?

The timeliness of the information, including when it was published, revised, or updated.

In the CRAAP test, what does 'Authority' evaluate?

The source of the information, including the author's background, education, and qualifications.

In the CRAAP test, what does 'Accuracy' evaluate?

The reliability, truthfulness, and correctness of the content, including whether it is supported by evidence.

In the CRAAP test, what does 'Purpose' evaluate?

The reason the information exists, such as to inform, teach, sell, entertain, or persuade.