Course Hero Logo

Figure 51 classification of secondary data internal

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 24 - 27 out of 38 pages.

Figure 5.1Classification of Secondary Data• Internal secondary data are data that have been collected within the firm, such as salesrecords, purchase requisitions, and invoices.• Internal secondary data is used for database marketing.• A database refers to a collection of data and informationdescribing items of interest.• Database marketing is the process of building, maintaining customer (internal) databases andother (internal) databases for the purpose of contacting, transacting, and building relationships.Example: data mining.Internal Databases (1 of 2)• Internal databases consist of information gathered by a company, typically during the normalcourse of business transactions.
• Companies use their internal databases for purposes of direct marketing and to strengthenrelationships with customers, which is referred to as customer relationship management (CRM).Internal Databases (2 of 2)• Data mining is the name for software that helps managers make sense out of seeminglysenseless masses of information contained in databases.• Micromarketing refers to using a differentiated marketing mix for specific customer segments,sometimes fine-tuned for the individual shopper.Ways Companies Use Databases• To identify prospects• To decide which customers should receive a particularoffer• To deepen customer loyalty• To reactivate customer purchases• To avoid serious customer mistakesExternal Secondary Data (1 of 5)• External databases are databases supplied byorganizations outside the firm: – Published sources– Official data– Data aggregatorsExternal Secondary Data (2 of 5)• Published sources: sources of information that are prepared for public distribution by tradeassociations, professional organizations, companies, and other entities and can be found inlibraries and online.Official Statistics• Official statistics are information published by public organizations, including governmentinstitutions and international organizationsExternal Secondary Data (3 of 5)• Data aggregators are services or vendors that organize and package information on focusedtopics.External Secondary Data (4 of 5)• Syndicated services data: provided by firms that collect data in a standard format and makethem available to subscribing firms – highly specialized and not available in libraries.External Secondary Data (5 of 5)• External databases: databases supplied by organizations outside the firm such as onlineinformation databases.
Advantages of Secondary Data• Are obtained quickly• Are inexpensive• Are readily available• Enhance existing primary data • May achieve research objectiveProblems Associated with Secondary Data• Reporting units may be incompatible • Measurement units do not match• Differing definitions to classify data• Timeliness -- may be outdated• May not be credibleEvaluating Secondary Data• What was the purpose of the study?• Who collected the information?• What information was collected?• How was the information attained?

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 38 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
MarkSpeed

Newly uploaded documents

Show More

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture