With Paul Tilley Unit 4: Secondary Research MR2300 MARKETING RESEARCH HYBRID.
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Transcript of With Paul Tilley Unit 4: Secondary Research MR2300 MARKETING RESEARCH HYBRID.
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With
Paul Tilley
Unit 4:
Secondary Research
MR2300MARKETING RESEARCH HYBRID
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Unit 4:
Secondary Research
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In this video we will:
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Stages of the Research Process
1.Problem Discoveryand DefinitionExploratory Research
Secondary Data Research
2. ResearchDesign
3. Sampling
4. DataGathering
5. Data Processingand Analysis
6. Conclusions andReporting
and so on
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SECONDARY DATA
Secondary data is data that has been gathered and recorded by someone else prior to and for a purpose other than the current project. Is often:•Historical•Already assembled•Needs no access to subjects
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ADVANTAGES OF SECONDARY DATA Available (Google) Inexpensive Obtained Rapidly Information is not Otherwise Accessible
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http://www.statcan.gc.ca/dai-quo/index-eng.htm
GOVERNMENT DATA IS OFTEN FREEStatistics Canada Labour Force Survey, June 2014
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DISADVANTAGES OF SECONDARY DATA
Not tailored to a particular research question Uncertain Accuracy (Reputable source?) Reliability may be questionable May not be valid Consider its age Data Not Consistent with Needs Inappropriate Units of Measurement
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SECONDARY DATA MAY BE DATED
Statistics Canada Canadian Census the Canadian Census every 5 years, from the national to the local level.
http://www12.statcan.gc.ca/census-recensement/2011/dp-pd/index-eng.cfm
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Evaluating Secondary Data
Does the data help to answer questions set out in the problem definition?
Does the data apply tothe time period of interest?
Does the data apply tothe population of interest?
Applicabilityto projectobjectives
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Do the other terms and variable classifications presented apply?
Are the units ofmeasurement comparable?
If possible, go to the original source of thedata?
Evaluating Secondary Data (continued)
Applicabilityto projectobjectives
Accuracyof the data
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Is the cost of dataacquisition worth it?
Accuracyof the data
Is there a possibility of bias?
Can the accuracy of data collection be verified?
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Fact Finding - Identifying consumption patterns- Tracking trends- Environmental Scanning
Model building - Estimating market potential- Forecasting sales- Analysis of trade areas and sites- Advertising Response Rates
Data Mining/ - Development of Prospect ListsDataBase Marketing - Enhancement of Customer Lists
COMMON RESEARCH OBJECTIVES FOR SECONDARY DATA STUDIES
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FACT FINDING
Identify consumer behavior Trend analysis Environmental scanning
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Identify consumer behavior
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Trend analysis
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ENVIRONMENTAL SCANNING
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MODEL BUILDING
Market potential Forecasting sales Analysis of trade
areas
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Estimating Market PotentialFor Hybrid Vehicle Sales in NL
If 2.5% of carsales are hybrids, and if NL care sales in 2013 was 35,439 units – then we estimate that we estimate around 900 hybrids were sold in NL in 2013
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Forecasting SalesVehicle Sales in NL
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Analysis of Trade AreaVehicle Sales in NL
Population P 5,000
Annual per capita car sales
A $1,000
Local Mkt Potential
P * A $5,000,000
Square Feet of Car Selling Space
SM 100,000
Index of retail Saturation
(P*A)/SM 50 – low opportunity for growth
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DATA MINING/DATA BASED MARKETING
Computer/Interned analysis of metadata
Practice of maintaining a customer data base
Names
Addresses
Past purchases
Responses to past efforts
Data from numerous sources
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INTERNAL DATA Internal and proprietary data is more
descriptive
Accounting information Sales information Backorders Customer complaints
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EXTERNAL DATA
Libraries
The Internet
Vendors
Producers
Books and periodicalsGovernment
Trade associations
Newspapers and journals
Created, recorded, or generated by an entity other than the researcher’s organization
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GLOBAL SECONDARY DATA
Typical limitations
Additional pitfalls
Unavailable
Questionable accuracy
Lack of standardized terminology