Week 10 Discussion


1Nate Davies
  Jimmy Xu
  Business 260 - Marketing
  March 30th, 2018
Week 10 Discussion
  
  What is the difference between secondary data and primary data (please refer to Chapter 9)?
2     The table on page 227 summarizes it the best. The difference and advantages of secondary data is that it time and is cheap. The disadvantage is that it can not be relevant. It is not always timely or from the original sources. The advantage and difference of primary data is that it is specific and designed to fit a certain problem. It offers behavioral insight. The downside and difference is that it is costly, time consuming, and requires intense training.

  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.

I      I work for the Press Hotel and use marketing data with the Marriott rewards members. When frequent guests are in house they will post a profile of their interests and amenities they favor. These people create a profile through Marriott and is shared among hotels. 

  What is the relationship between Advertising Expenditure and Sales (please refer to http://www.mktresearch.org/wiki/Regression)?

 t     The coefficient for  advertising expense is 4.1. If sales is y and we call advertising expense is x, then sales based purely on advertising then the equation would be y=4.1x and you could find y or sales by plugging in the dollars spent on advertising into x.

  How do you interpret the coefficient for the variable “$Online Advertising Expenditure” (please refer to http://www.mktresearch.org/wiki/Regression)?

T   To further the previous explanation, for every one dollar spent on advertising will generate 4.1 dollars of sales.

5What is the most important statistics when interpreting a regression table (please refer to goeppner-multiple-regression-analysis_a-case-study)?

l     This is a direct quote from the case study, "The most important is the “Adjusted R-Square.” The “R-Square” 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). " This stands true for all regression analyses.

6Which variable is the most important for predicting monthly rent (please refer to goeppner-multiple-regression-analysis_a-case-study)?

t     The most important differentiating factor is the prominence of truck high doors due to more warehousing in the modern market. Office space has the highest coefficient but is relative among buildings and has a maximum of 1 for 100%.

7Will 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)?

No, big data is just integrating market research. Like the woman said in the video, "Data is data is data." We may use faster computers and more algorithms but we will still be looking for answers using existing information.

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