Question 1

Data sourced from trade journals is an internal source of secondary data.

Accepted Answer

Trade journals are considered an external source of secondary data because they are published outside the organization and are available to a wider audience, not just to the members of the organization.

Question 2

The comparison of data between multiple sources to ensure consistency is known as data:
A) selection.
B) transformation.
C) cleaning.
D) cross-check.

Accepted Answer

The answer of The comparison of data between multiple sources...

Question 3

Data published in newspaper and trade journals is considered as internal data.

Accepted Answer

Data published in newspaper and trade journals is considered as external data, as it is available to the general public and not exclusive to the internal operations of the organization.

Question 4

Secondary data may be acquired for the sole purpose of enhancing a customer database.

Accepted Answer

Secondary data, which refers to data that has been collected by others and is available for use, can be used to supplement and refine customer databases. This can include information such as demographics, online behavior, purchasing history, and more. By incorporating this data into existing customer data, businesses can gain a better understanding of their customers and tailor marketing efforts accordingly.

Question 5

A credit card company wishing to know their valuable customers is an example of customer discovery.

Accepted Answer

Customer discovery is the process of identifying the needs and preferences of potential customers in order to create products or services that meet their needs. In this case, the credit card company is attempting to identify their most valuable customers in order to better serve them and potentially create loyalty programs or incentives to maintain their business.

Question 6

Which of the following is not an advantage of secondary data?
A) It is instantaneous.
B) It is readily available.
C) It meets the researcher's needs.
D) It saves time and money.

Accepted Answer

Secondary data may not always meet the specific needs of the researcher and may require further analysis or manipulation to be useful.

Question 7

A researcher who is interested in studying total household income finds data reported as 'head of household income'. She has discovered that the data fail to meet which criterion?
A) Do the data apply to the time period of interest?
B) Do the data cover the subject of interest in adequate detail?
C) Do the data apply to the population of interest?
D) Do the data appear in the correct units of measurement?

Accepted Answer

The answer of A researcher who is interested in studying...

Question 8

A marketer of computer games is interested to find out the size of the video game market in Australia. Which form of secondary data research will you recommend?
A) Fact-finding
B) Model building
C) Database marketing
D) Data mining

Accepted Answer

Fact-finding involves gathering existing information or data that has already been collected by others, which is suitable for understanding the size of the video game market in Australia.

Question 9

Diverse type of data offered by a single company is called as sole-proprietor data.

Accepted Answer

Sole-proprietor refers to a business owned and operated by a single person. It does not refer to the type of data offered by a company.

Question 10

Which of the following statements in relation to data volume is not true?
A) Relevant marketing data are often independent.
B) Relevant marketing data are often inter-related.
C) Information contained in data volumes is typically large.
D) Information contained in data volumes is typically complex.

Accepted Answer

The answer of Which of the following statements in relation...

Question 11

Data from a previous warranty card study show where consumers prefer to purchase the product, but provide no reasons. This situation shows inadequacy of secondary information in terms of:
A) outdated information.
B) different units of measurement.
C) lack of information.
D) variation in definition of terms.

Accepted Answer

The data from the previous warranty card study only provide information on where consumers prefer to purchase the product, but there is no explanation or reasons given for their choices. This shows a lack of information in terms of consumer preferences and behavior. The other options - outdated information, different units of measurement, and variation in definition of terms - do not apply to this situation.

Question 12

A researcher who is interested in studying the Chinese market in Australia finds secondary data reported as 'per cent born outside Australia in Asia'. Which criterion has she discovered that the data fail to meet?
A) Do the data cover the subject of interest in adequate detail?
B) Do the data apply to the time period of interest?
C) Do the data apply to the population of interest?
D) Do the data appear in the correct units of measurement?

Accepted Answer

The data only reports the percentage of people born outside Australia in Asia, so it doesn't necessarily apply to the specific population of interest (Chinese market in Australia). It's possible that people from other Asian countries make up a significant portion of the reported data, which would not be relevant to the research question.

Question 13

A researcher who is interested in new car sales discovers that the secondary data were collected 10 years ago. He has discovered that the data fail to meet which criterion?
A) Do the data appear in the correct units of measurement?
B) Do the data apply to the time period of interest?
C) Do the data cover the subject of interest in adequate detail?
D) Do the data apply to the population of interest?

Accepted Answer

The data collected 10 years ago may not apply to the current time period of interest, making it important for the researcher to collect new primary data.

Question 14

Often large number of customers provide bulk of revenue to the firm.

Accepted Answer

Typically, a small number of customers contribute the majority of revenue to a firm, following the Pareto Principle or 80/20 rule.

Question 15

Company's sales information is classified as company's proprietary data.

Accepted Answer

Sales information is considered confidential and proprietary to a company as it provides insights into the company's performance and competitive advantage.

Question 16

Data that originates inside the organization is called proprietary data.

Accepted Answer

Proprietary data is information that is owned and created by the organization. It includes internal data such as financial records, customer information, and product specifications.

Question 17

There is only one way to calculate customer life-time value regardless of company size and customers.

Accepted Answer

While the core formula for calculating customer life-time value remains the same (average value of a transaction multiplied by the number of transactions per year multiplied by the average length of the customer relationship), certain factors such as customer acquisition costs, retention rates, and discount rates may vary based on the company size and type of customers.

Question 18

The process of changing data from its original form to a format suitable to achieve the research objective is known as:
A) data manipulation.
B) data mining.
C) data validation.
D) data transformation.

Accepted Answer

Data transformation involves changing data from its original form to a new format which is suitable for analysis and research objectives. Data manipulation involves the process of changing, altering, or summarizing data in some way. Data mining involves the extraction of useful information from large data sets. Data validation involves checking the data for accuracy and completeness. Therefore, data transformation is the best choice for the given scenario.

Question 19

Of the following criteria presented below, which one should be regarded as the researcher's initial criterion when evaluating secondary data?
A) Do the data apply to the time period of interest?
B) Do the data appear in the correct units of measurement?
C) Do the data help to answer questions set out in the problem definition?
D) Do other terms and variable classi?fications presented apply to the current project?

Accepted Answer

The most important initial criterion when evaluating secondary data is whether it helps to answer the research questions set out in the problem definition. This ensures that the data is relevant to the research being conducted. The other criteria listed (A, B, and D) are also important, but should be considered after the relevance of the data has been established.

Question 20

Which of the following is not an example of a proprietary data source?
A) Warranty return cards
B) Journals
C) Sales invoices
D) Orders received

Accepted Answer

Journals are typically public sources of information, while warranty return cards, sales invoices, and orders received are all examples of proprietary data sources.

Quiz 4: Secondary Research and Big Data

Data sourced from trade journals is an internal source of secondary data.

The comparison of data between multiple sources to ensure consistency is known as data:

Data published in newspaper and trade journals is considered as internal data.

Secondary data may be acquired for the sole purpose of enhancing a customer database.

A credit card company wishing to know their valuable customers is an example of customer discovery.

Which of the following is not an advantage of secondary data?

A researcher who is interested in studying total household income finds data reported as 'head of household income'. She has discovered that the data fail to meet which criterion?

A marketer of computer games is interested to find out the size of the video game market in Australia. Which form of secondary data research will you recommend?

Diverse type of data offered by a single company is called as sole-proprietor data.

Which of the following statements in relation to data volume is not true?

Data from a previous warranty card study show where consumers prefer to purchase the product, but provide no reasons. This situation shows inadequacy of secondary information in terms of:

A researcher who is interested in studying the Chinese market in Australia finds secondary data reported as 'per cent born outside Australia in Asia'. Which criterion has she discovered that the data fail to meet?

A researcher who is interested in new car sales discovers that the secondary data were collected 10 years ago. He has discovered that the data fail to meet which criterion?

Often large number of customers provide bulk of revenue to the firm.

Company's sales information is classified as company's proprietary data.

Data that originates inside the organization is called proprietary data.

There is only one way to calculate customer life-time value regardless of company size and customers.

The process of changing data from its original form to a format suitable to achieve the research objective is known as:

Of the following criteria presented below, which one should be regarded as the researcher's initial criterion when evaluating secondary data?

Which of the following is not an example of a proprietary data source?