Lester Chapter 8

Front 1

Secondary data

Back 1

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

Front 2

Objectives of Secondary Data

Back 2

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

Front 3

Data mining

Back 3

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

Front 4

Neural networks

Back 4

a form of artificial intelligence using software to program computers to mimic how the brain processes information.

Front 5

Cost

Back 5

almost less expensive than collecting your own data

Front 6

Disadvantages of Secondary Data

Back 6

Aging, Format, Measurement, and Accuracy

Front 7

Availability

Back 7

certain data unavailable as primary data may be obtainable as secondary data

Front 8

Market basket analysis

Back 8

a form of data mining that analyzes anonymous point-of-sale transaction logs to identify relationships between coinciding purchases

Front 9

Aging

Back 9

secondary data can become quickly outdated

Front 10

Advantages of Secondary Data

Back 10

Cost, Availability, Speed, Efficiency

Front 11

Speed

Back 11

can usually be obtained quickly from a range of sources

Front 12

Format

Back 12

may classified inconveniently for present needs

Front 13

Customer discovery

Back 13

tracking detailed demographic data on customers to discern behavior patterns and predictor variables.

Front 14

Efficiency

Back 14

eliminates primary data collection steps--sampling design and data processing

Front 15

Measurement

Back 15

units may be different—pounds/kilos, cases/dozens,

Front 16

Sequence discovery

Back 16

the use of data mining to detect sequence patterns

Front 17

Internal and proprietary data

Back 17

data that originates in the organization

Front 18

Accuracy

Back 18

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

Front 19

Common external sources of data

Back 19

Books and Periodicals, Government Sources, Regional Publications, Media Sources, and Commercial Sources

Front 20

Books and periodicals

Back 20

a common starting point for much basic and applied research is the wide range of professional journals

Front 21

Government sources

Back 21

federal agencies put out huge amount of data, most of which can be counted on for accuracy and high quality of investigation

Front 22

Regional publications

Back 22

these include state and local governments, the federal reserve system, large commercial banks, colleges and universities, and other regional institutions

Front 23

Media sources

Back 23

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

Front 24

Commercial sources

Back 24

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.