Week 10 Discussion Questions
What is the difference between secondary data and primary data (please refer to Chapter 9)?
Secondary Data is “pieces of information that have already been collected from other sources and usually are readily available” (Grewal, 2015, p. 213) An example of this is the availability to access statistics and information from the U.S Bureau of Census.
Primary Data is “data collected to address specific research needs” (Grewal, 2015, p. 213). An example could be a survey or an in-depth interview.
Please give an example of a Portland-based business that performs marketing research. How does this company collect marketing data? List sources (i.e., URL) if necessary.
This question I was a little confused by but I looked online to help me a little bit and found that the “Portland Research Group” preforms marketing research. As stated on their very web page, “we're here to provide clients' with the straightforward information and analysis you need to understand and appeal to customers. We prefer to work in partnership with organizations seeking a solid foundation on which to grow and thrive. We are intent on tailoring our research approach to our clients' goals and budgets, rather than selling frills that aren't needed. Our goal is to provide our clients knowledge that can be acted upon” (Portland Research group, 2011).
Here is the link where I got this information from:
http://www.portlandresearch.com/about/what-is-market-research
What is the relationship between Advertising Expenditure and Sales (please refer to http://www.mktresearch.org/wiki/Regression)?
Referring to the link provided above, the relationship between these two terms is the ability to make predictions using a formula that equals sales in the end and where averting expenditure is related to sales. As advertising typically helps or weakens sales. It can let a firm/ company about the relative effectiveness of the ad with the ending sales total
How do you interpret the coefficient for the variable “$Online Advertising Expenditure” (please refer to http://www.mktresearch.org/wiki/Regression)?
I interpreted the coefficient as a regular variable for Tv advertising expenditures but when the variable is attached, I interpreted as advertising Tv Ads online to help expand the number of people who will be seeing the add. Bringing the ad from just tv to the internet and tv gives more chance for the auto be seen by more than one person and possibly more than once for a single person.
What is the most important statistics when interpreting a regression table (please refer to goeppner-multiple-regression-analysis_a-case-study)?
The most important statistics when interpreting a regression table is the “R-Square” statistic. According to the website provided above, this statistic “tells us how much of the change in the dependent variable (in our case, total rent) is accounted for by the changes in the independent variables (the property characteristics)” (Goeppner, Multiple Regression Analysis – A Case Study, p.5).
Which variable is the most important for predicting monthly rent (please refer to goeppner-multiple-regression-analysis_a-case-study)?
The most important variable for predicting monthly rent is the “Standard Error” statistic. This statistic “gives us the average error in the predicated dependent variable. This essentially is a measure of the accuracy of the estimate provided by the regression model” (Goeppner, Multiple Regression Analysis – A Case Study, p 5). Also, it can help with what the individual would pay for monthly rent based on a relationship the variable has with the confidence level.
Will Big Data replace market research? Why or why not (please refer to Will Big Data Replace Market Research? - https://www.youtube.com/watch?v=H-FsyW3l9Kg)?
Big data will not replace market research because they are subjects that should compliment each other not try to compete against each other. Market research is for the individuals who are looking into the “how” and the “why” to the questions for their study, as big data is just about the “what”. As said near the end of the video, “data is data is data, meaning we’ve always worked with data and market research and it’s just a different kind of data” (Will Big Data Replace Market Research, 2013).
Secondary Data is “pieces of information that have already been collected from other sources and usually are readily available” (Grewal, 2015, p. 213) An example of this is the availability to access statistics and information from the U.S Bureau of Census.
Primary Data is “data collected to address specific research needs” (Grewal, 2015, p. 213). An example could be a survey or an in-depth interview.
Please give an example of a Portland-based business that performs marketing research. How does this company collect marketing data? List sources (i.e., URL) if necessary.
This question I was a little confused by but I looked online to help me a little bit and found that the “Portland Research Group” preforms marketing research. As stated on their very web page, “we're here to provide clients' with the straightforward information and analysis you need to understand and appeal to customers. We prefer to work in partnership with organizations seeking a solid foundation on which to grow and thrive. We are intent on tailoring our research approach to our clients' goals and budgets, rather than selling frills that aren't needed. Our goal is to provide our clients knowledge that can be acted upon” (Portland Research group, 2011).
Here is the link where I got this information from:
http://www.portlandresearch.com/about/what-is-market-research
What is the relationship between Advertising Expenditure and Sales (please refer to http://www.mktresearch.org/wiki/Regression)?
Referring to the link provided above, the relationship between these two terms is the ability to make predictions using a formula that equals sales in the end and where averting expenditure is related to sales. As advertising typically helps or weakens sales. It can let a firm/ company about the relative effectiveness of the ad with the ending sales total
How do you interpret the coefficient for the variable “$Online Advertising Expenditure” (please refer to http://www.mktresearch.org/wiki/Regression)?
I interpreted the coefficient as a regular variable for Tv advertising expenditures but when the variable is attached, I interpreted as advertising Tv Ads online to help expand the number of people who will be seeing the add. Bringing the ad from just tv to the internet and tv gives more chance for the auto be seen by more than one person and possibly more than once for a single person.
What is the most important statistics when interpreting a regression table (please refer to goeppner-multiple-regression-analysis_a-case-study)?
The most important statistics when interpreting a regression table is the “R-Square” statistic. According to the website provided above, this statistic “tells us how much of the change in the dependent variable (in our case, total rent) is accounted for by the changes in the independent variables (the property characteristics)” (Goeppner, Multiple Regression Analysis – A Case Study, p.5).
Which variable is the most important for predicting monthly rent (please refer to goeppner-multiple-regression-analysis_a-case-study)?
The most important variable for predicting monthly rent is the “Standard Error” statistic. This statistic “gives us the average error in the predicated dependent variable. This essentially is a measure of the accuracy of the estimate provided by the regression model” (Goeppner, Multiple Regression Analysis – A Case Study, p 5). Also, it can help with what the individual would pay for monthly rent based on a relationship the variable has with the confidence level.
Will Big Data replace market research? Why or why not (please refer to Will Big Data Replace Market Research? - https://www.youtube.com/watch?v=H-FsyW3l9Kg)?
Big data will not replace market research because they are subjects that should compliment each other not try to compete against each other. Market research is for the individuals who are looking into the “how” and the “why” to the questions for their study, as big data is just about the “what”. As said near the end of the video, “data is data is data, meaning we’ve always worked with data and market research and it’s just a different kind of data” (Will Big Data Replace Market Research, 2013).
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