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24 Cards in this Set

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Secondary data
data previously collected for some purpose other than the one at hand—usually historical, already assembled, with no requirement to access the respondents or subjects
Objectives of Secondary Data
Fact Finding – collecting descriptive data to obtain information needed for planning or for support in support decision making.
Model Building – statistical procedures used for specifying relationships between two or more variables using descriptive or predictive equations—can vary from quite simple to extremely complex
Data mining
the use of powerful computers to sift and analyze volumes of data to discover patterns about an organization’s customers, products, and activities—a broad term applicable to many forms of analysis. 4 Varieties; Neutal Networks, Market based analysis, customer discovery, sequence discovery
Neural networks
a form of artificial intelligence using software to program computers to mimic how the brain processes information.
Cost
almost less expensive than collecting your own data
Disadvantages of Secondary Data
Aging, Format, Measurement, and Accuracy
Availability
certain data unavailable as primary data may be obtainable as secondary data
Market basket analysis
a form of data mining that analyzes anonymous point-of-sale transaction logs to identify relationships between coinciding purchases
Aging
secondary data can become quickly outdated
Advantages of Secondary Data
Cost, Availability, Speed, Efficiency
Speed
can usually be obtained quickly from a range of sources
Format
may classified inconveniently for present needs
Customer discovery
tracking detailed demographic data on customers to discern behavior patterns and predictor variables.
Efficiency
eliminates primary data collection steps--sampling design and data processing
Measurement
units may be different—pounds/kilos, cases/dozens,
Sequence discovery
the use of data mining to detect sequence patterns
Internal and proprietary data
data that originates in the organization
Accuracy
integrity of the source of data may be questionable or unknown
Data conversion – changing the original form of the data to a format more suitable to the present research objective
Cross-check – comparing data from two sources for consistency
Common external sources of data
Books and Periodicals, Government Sources, Regional Publications, Media Sources, and Commercial Sources
Books and periodicals
a common starting point for much basic and applied research is the wide range of professional journals
Government sources
federal agencies put out huge amount of data, most of which can be counted on for accuracy and high quality of investigation
Regional publications
these include state and local governments, the federal reserve system, large commercial banks, colleges and universities, and other regional institutions
Media sources
information on a broad range of subjects is available from broadcast and print media—many research subjects are commissioned by the media, e.g., the Wall Street Journal is a comprehensive source of information on security market prices
Commercial sources
numerous firms specialize in selling and/or publishing information. The following is a sampling of the diverse data available
-Market share data – various syndicated services supply either wholesale or retail sales volume data based on product movement
-Demographic and census updates – firms such as CACI Marketing Systems offer updated computerized U.S. census files broken down into small geographic areas such as zip codes.
-Consumer attitude and public opinion research –specialized syndicated services—such as Yankelovich and Harris/Interactive—report findings from attitude research and opinion polls.
- Stock market sources – numerous firms sell advisory services supplying information on the aggregate market and individual stocks.