Exam (elaborations)
BRM CH. 8 (1)
- Course
- Institution
Exam of 1 pages for the course Business Research Methods at Business Research Methods (BRM CH. 8 (1))
[Show more]
Seller
Follow
modockochieng06
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now