Week 10 Discussion Post


Week 10 Discussion Questions: 
  1. What is the difference between secondary data and primary data (please refer to Chapter 9)? 
Secondary data is data you collect from other sources who have already collected data. It can be problematic since you're relying on other peoples research. Primary data is data you collect through your own research and experiments. 
  1. 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.
In one of my classes last semester, a man from a Portland based company came into my class to talk to us. He was the marketing coordinator for Portland Downtown. They are a non profit organization that plans events for the city of Portland. He told us about surveys that are given out after events so that they can hear feedback from the people. They can tell them if the event was marketed well, or if they liked it and wanted it to happen again. They depend a to on consumer feedback. 
  1. What is the relationship between Advertising Expenditure and Sales (please refer to http://www.mktresearch.org/wiki/Regression)? 
Well, they have a pretty strong relationship. As advertising expenses go up, so do the sales. The more effort and time and money that is put into advertising is going to be reflected in the company's sales. 
  1. How do you interpret the coefficient for the variable “$Online Advertising Expenditure” (please refer to http://www.mktresearch.org/wiki/Regression)? 
The coefficient for tv advertising is 4.1 vs 3.2 for other online advertising. With that being said, this means that companies should be spending more time trying to advertise on tv since it will bring in more revenue. 
  1. What is the most important statistics when interpreting a regression table (please refer to goeppner-multiple-regression-analysis_a-case-study)?
The most important statistic of a regression table is the Adjusted R-Square. This number is between 0-1, and it explains how much accountability will take place within the dependent variable when there are changes in the independent variable. 
  1. Which variable is the most important for predicting monthly rent (please refer to goeppner-multiple-regression-analysis_a-case-study)?
The standard error statistic is the most important statistic for predicting monthly rent. It tests the significance levels of the estimates provided by the regression model, and it can give an exact range in which your monthly property rent would cost. This gives you a pretty clear idea of costs. 
  1. 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)? 
I don’t think Big Data will replace market research. For big companies maybe, but for smaller companies, I think they prefer to be more personal with their customers and making sure they are happy with their services. 

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