Secondary Methods + Ch5 Flashcards
Sources for business problem of segmentation, behavioural targeting, customer acquisition and retention
Customer database
Web analytics
Social media
Sources for business problems of strategy decisions for marketing mix
Customer databases
Syndicated data
Sources for business problems of brand development and management
Social media
Customer reviews
Syndicated data
Internal data (secondary)
Data that has been collected within a firm
Website data
Customer-generated data
Previous campaign results
Database information
Previous research results
External data (secondary)
Obtained outside of a firm
Public library
Journal
Government data
Competitor research
Newspaper
Advantages of secondary data
Already available
May provide background information
May clarify problem
May improve primary data collection
Not resource intensive (cheap, fast, minimal training)
Disadvantages of secondary data
May be out of date
May not be tailored to problem
May have accuracy or ethical issues
Advantages of primary data
New & up to date
Tailored to your problem
Can offer additional insights
Can ensure accuracy & ethical process
Disadvantages of primary data
Requires training and expertise
Methods vary on speed and cost
Big data
Large amounts of data from multiple sources
Marketing analytics
Management and analysis of data to improve marketing decisions
Micromarketing
Using a differentiated marketing mix for specific customer segments, sometimes fine-tuned for the individual shopper
5 ways data bases can be used in companies
To identify prospects
Decide which customers should receive a particular offer
Deepen customer loyalty
Reactivate customer purchases
Avoid serious customer mistakes
Official statistics
Contain info published by public orgs, including gov institutions and intl orgs
Open Data Policy
2013, makes all data collected by the gov “open by default” except for personal info or data related to national security
