Exam (elaborations)
BRM CH. 8 (1)
- Course
- Business Research Methods
- Institution
- Business Research Methods
Exam of 1 pages for the course Business Research Methods at Business Research Methods (BRM CH. 8 (1))
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BRM CH. 8Three broad objectives achieved using secondary data: - ANS-1. Fact finding
2. Model building
3. Database marketing
Fact-finding - ANS-this is the simplest form for secondary-data research. It includes
identification of consumer behavior for a product category, trend analysis, and environmental
scanning.
Model building - ANS-involves specifying relationships between two or more variables, perhaps
extending to the development of descriptive or predictive equations. Examples include
estimating market potential, forecasting sales, data mining, and selecting trade areas and sites.
Database marketing - ANS-the practice of using CRM databases to develop one-to-one
relationships and precisely targeted promotional efforts with individual customers. Examples
include enhancing customer databases and developing prospect lists
Internal and proprietary data - ANS-data that originated in the organization, or data created,
recorded, or generated by the organization. Most organizations routinely gather, record, and
store internal data to help them solve future problems. Routine documents such as sales
invoices allow external financial reporting, which in turn can be a source of data for further
analysis. Sales information, customer complaints, service records, and warranty card returns
are other examples of this type of secondary data
External data - ANS-generated or recorded by an entity other than the researcher's
organization. Traditionally, this information has been in published form, but today computerized
data archives and electronic data interchange make external data as accessible as internal
data. Because secondary data have value, they can be bought and sold like other products, and
channels of distribution include (1) libraries, (2) the Internet, (3) vendors, and (4) producers.
Classifying external secondary data by the nature of the producer of information yields five basic
sources: periodicals, government sources, media sources, trade associations, and commercial
sources.
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