MR Chapters 5 & 6
Sources of secondary data:
Internal records (sales results, marketing activity, cost info, etc), and external sources (standardized sources of mktg data, and the internet)
Data consists of:
Secondary data (facts and figures already recorded prior to the project), and primary data (facts and figures newly collected for the project)
Benefits of scanner data:
high degree of accuracy, time saving, ability to study very short time periods of sales activity
Institutional data:
may be obtained from retailers, wholesalers, or industrial firms
Household/consumer data:
may be obtained from surveys, diary panels, or electronic scanner services
Applications of standardized data:
measuring promotion effectiveness (scanner data, consumer panels), estimation & evaluation of models (consumer panels, retail audits, scanner data, internal records), measuring ad exposure and effectiveness (starch scores, nielsen audio, multimedia services, NTI), measuring product sales & market share (scanner data, consumer panels, internal records)
Published data:
most valuable data for marketing researchers, most popular source of mktg info (readily available, sufficient to answer research q's)
Contributing factors of growth of standardized sources:
multitude of info users having info needs, when cost of satisfying individual user's need is prohibitive, and the increasing use of scanner systems at check out points
Media-related standardized sources:
nielsen television index (national tv audiences), nielsen audio (both regional and national radio and podcast), starch scores (print media), simmons multi media services (magazine, tv, newspaper, radio)
Primary data consists of:
observational data (watching people) and questionnaire data (asking people)
Households/ consumer units of measurement are:
panels, collected by purchase or media
Scanner data examples:
product purchasing records, product price, consumer response to coupons, shelf space & display, cooperative advertising
Customer database:
raw info on customer that can be sorted and enhanced to produce useful info.
Examples of consumer purchase panels info:
representative sample of households, records all purchases made over time (in home audits and mail diary), records all coupons used)
The 5 major standardized sources:
retail store audits, consumer panels, scanner data, single source systems, media-related standardized data
Institutions units of measurements are:
retailers, wholesalers, industrial firms, collected by audits
Secondary data consists of:
Internal data (inside the firm), and external data (outside the firm)
Criteria for evaluating secondary data:
Availability, relevancy, accuracy, sufficiency
Problems using internal data effectively:
Data format issue (often highly aggragated, requires understanding of cust behavior), and data quality issue (reports of salespeoples call activities can be exxagerated)
Benefits of Google Analytics:
Google analytics makes it possible for advertisers, publishers, and website owners to improve their online results, helps marketers in: targeting consumers, managing online adv, understanding regional distribution of visitors
Uses of secondary data:
Identify the problem, better define the problem, formulate an appropriate research design (by identifying key examples), answer certain research questions, interpret data more insightfully
Secondary is:
Not collected specifically for your problem/purpose, already exists, and may provide enough info to resolve the current problem
Primary Vs. Secondary data:
Primary data: for the problem at hand, very involved, high collection cost, long collection time Secondary data: for other problems, rapid and easy, relatively low cost, short collection time
Benefits of consumer panels data:
Provide info on: aggregate sales activity (forecast sales), brand shares, shifts in buyers characteristics, types of retail outlets Provide sequence of purchases in order to analyze: heavy buyers and their characteristics, brand switching rates, cumulative market penetration, promotion effectiveness
Limitation of consumer panels data:
Selection bias (high refusal rates), lack of representativeness of entire pop. (under represent minorities), mortality effect (dropout rate in excess of 20% annually), testing effects (new members report unusual levels of purchasing, missing purchases)
Examples of external data:
U.S. census reports, trade association studies and magazines, business periodicals, and internet based reports
Scanner data:
Universal product code (UPC) scanner system provides data of behaviors of individual households and impacts of marketing activities on sales/revenue
Retail store audits tell you:
What's happening "on the ground" (how much product is moving through distribution channel, and observable info: shelf prices, displays, etc)
Can internal and external data be combined?
Yes
Google analytics:
a free website statistics solution that gives rich insights into web traffic and mktg effectiveness, most widely used website statistics service, allows businesses to see various analytics
Benefits of single source systems:
availability of extensive pre-test records, immediate availability of test results, ability to compare purchases of households prior to and after exposure to message, ability to control settings
Syndicated sources can be classified:
based on the unit of measurement, (households/ consumers or institutions)
Consumer purchase panels:
can cover the gap between store audits and actual purchases (consumer characteristics)
Limitations of Single source systems:
can track purchases. only at stores equipped with scanners, no info on whether viewers actually watch or just leave the tv on, chance of biased results
Syndicated sources are:
companies that collect and sell common pools of data of known commercial value designed to serve a number of clients
Secondary research on the internet:
custom search services (collect relevant data for you with a fee), agents( program tool that constantly downloads pricing data from internet), leveraging web analytics for marketing
benefits of customer database:
customer transaction records can help: understand cust preferences and purchase behaviors, and segment customers (loyal, profitable, etc)
Internal sources of secondary data:
data on inputs (budgets, call records), data on outcomes (billing on shipments, sales reports), costs, customer feedbacks
Internal records:
data originated, created, or generated in the org
Criteria for evaluating secondary data:
data should be reliable, valid, and generalizable to the problem at hand. you also must assess accuracy by comparing data from diff sources
Standardized sources are major standardized sources of mktg data & contain:
data that have been compiled according to some standardized procedure, and data primarily provided by external sources
Purpose of internal records:
define the competitive position of the firm, an evaluation of a marketing strategy the firm has used in. the past, or gaining a better understanding of the company's best customers
Data:
facts & figures pertinent to the problem
Examples of internal data:
financial statements, research reports, files, customer letters, etc
Criteria definitions:
specifications: methodology used to collect the data error: accuracy of the data currency: when the data were collected objectives: the purpose for which the data were collected nature: the content of the data dependability: overall, how dependable is the data
Benefits of retail store audits:
store audits are primarily used to measure a retailers effectiveness and efficiency, and gathering this info can improve business and bottom line
Applications of scanner data:
study consumer behavior and consumer response to different marketing mix strategies (price, product, place, promotion) and study and forecast sales of new products
More criteria:
the objective will determine the relevance of the data, data should be obtained from an original source rather than an acquired source
Single-source systems:
usually set up in self-contained places with their own newspapers and cable tv and are roughly representative of the demographics of the country, a test panel is recruited and monitored for recording exposure to programming and specific commercials, each member is provided an identification card for presenting at scanner equipped stores