Primary Data Collection Techniques
The types of Quantitative research
What is Experiments, Pannel-based research, Surverys?
This step involves deciding what data to collect and how to collect it.
What is designing the research plan?
Define Inexpensive Secondary data
Quick and Cheap research
This is the scale of data that's being generated, often measured in petabytes or zettabytes, and is the most easily understood V.
What is Volume?
This type of data saves time, is often readily available, and can be free or inexpensive to obtain.
What is secondary data?
The types of Qualitative Research
What is Observation, Interviews, Fcous Groups, Panel and Scanners ?
The two main types of data that can be collected are these.
What are primary data and secondary data?
What are the two types of secondary data discussed in the PowerPoint?
Syndicated and Inexpensive data
A lack of ____ (data uncertainty or errors) can lead to a Type I error if the model is trained on noisy data that contains false patterns (e.g., fraudulent transactions incorrectly labeled as valid).
What is Veracity?
One major disadvantage of secondary data is that sources may be "..." causing results to be unreliable.
What is biased?
Name two disadvantages of Primary Data
What is costly and time consuming
This is the first step in the marketing research process.
What is defining the problem and research objectives?
What type of data might be obtained from free or inexpensive external sources, such as census data, trade association information, and magazine reports?
Secondary data
Relying solely on ____ is misleading because it often focuses on immediate financial return without considering the long-term ethical or strategic implications.
What is Value?
Collecting primary data can be costly, time-consuming and often requires what?
What is specific training and experience to design and study data?
Conducting studies in controlled or real-world environments to determine cause-and-effect relationships is called this.
What is experimental research
Give one example of how AMC Theatres might collect primary data.
What is surveying moviegoers about viewing preferences or loyalty app feedback?
Name at least 2 Syndicated Data Providers.
Circanna, Nielsen, SPINS, or J.D. Power
Marketing data ___ involves combining structured CRM data with unstructured data from open-ended survey responses and call transcripts
What is Variety?
Books, sales invoices, and census data are examples of this type of data source.
What is secondary data?
This research method tracks the same customers over time to analyze trends
What is panel study
Give an example of a specific research objective a company like AMC Theatres might set.
What is understanding why movie attendance is dropping among teens?
Which inexpensive data source offers low-cost market information but is only updated every ten years, potentially rendering it outdated for current research needs?
The U.S. Census
Batch processing handles data that has already been collected and stored (data at rest), with latency measured in hours or days. Stream processing handles data continuously as it is created (data in motion), with latency measured in milliseconds or seconds.
What is Velocity?
This type of data offers behavioral insights not available from secondary research and is specific to the topic at hand.
What is prinmary data?