BMKT 312 F13 C5 Review

BMKT 312 F13 C5 Review - BMKT 312 CHAPTER 5 STUDY GUIDE...

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BMKT 312 C5 Study Guide 1 BMKT 312: CHAPTER 5 STUDY GUIDE SECONDARY DATA AND PACKAGED INFORMATION 1. What are secondary data, and how do they differ from primary data? Secondary data have previously been gathered by someone other than the researcher and/or for purpose other than the research project at hand. Primary data are information that is developed or gathered by the researcher specifically for the research project at hand. 2. Take a look at Figure 5.1, which is an example of the use of census data. If you had only these data to review, which type of business do you think would be better suited to the market area represented by these data: a child care center or a retirement home? Why? A retirement center would be better suited to the market area represented by the data in Figure 5.1. Based on these data, it is evident that between 1990 and 2010 the 55-74 and 74+ population numbers are growing. At the same time, the 0-4 and 5-19 population numbers are shrinking. Therefore, there are more retirees to benefit from a retirement home whereas there are fewer children needing a child care center. 3. What are the classes of secondary data? Secondary data fall into the following classes: Internal secondary data are data that have been collected within the firm. Such data include sales records, purchase requisitions, and invoices. External secondary data are data obtained from outside the firm from three sources: (1) published, (2) syndicated services data, and (3) databases. 4. What is a database, and what are the components of a database? A database is a collection of data and information describing items of interest. Each unit of information in a database is called a record. A record could represent a customer, a supplier, a competitive firm, a product, an individual inventory item, and so on. Records are composed of subcomponents of information called fields. There
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