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Lecture 2 Notes - Secondary Data and Big Data Analytics

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4 views2 pages

Lecture 2 Notes - Secondary Data and Big Data Analytics

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adamboone
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© © All Rights Reserved
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Lecture 2

Secondary Date and Big Data Analytics


Primary Data: New data gathered to help solve the problem under investigation

Secondary Data: Data that has previously been gathered

Secondary Data Advantages:


 Obtained Quickley
 Less Expensive
 Problem Clarification
 New Problem Identification
 Background information to enhance research credibility
 Research alternatives
 Solution to the problem

Limitations:
 Lack of Availability
 Lack of Relevance (Outdated)
 Inaccuracy
 Insufficiency

Evaluate Secondary Data


 Who gathered the data?
 What was the purpose of the study?
 What information was collected?
 When was the information collected?
 How was the information collected?
 Is the information consistent with other information?

Classification of Secondary Data


Internal Secondary Data: Information originating within the company.
External Secondary Data: Outside sources of secondary information.

Internal Databases: A collection of related information developed from data within


the organization
Database Marketing: Process that relies on the creation of a large, computerized file
of customer’s profiles and purchase patterns to create a targeted marketing mix
RFM Analysis: ID best customers (Recency, Frequency, Money)
Data Mining: The use of statistical and other advanced software to discover non-
obvious patterns hidden in a database, such as customer acquisition, customer
retention, customer abandonment, and market basket analysis.

Big Data Analytics


The accumulation and analysis of massive quantities of information. Deeper and
broader insights.

Battle for Privacy


Identity Theft and Government Action
Fed laws:
Gramm-Leach-Bliley Act (Financial Services Act)
Health Insurance Portability and Accountability Act
The Fair Credit Reporting Act (FCRA)
The Children’s Online Privacy Protection Act (COPPA)
State Laws:
California’s Notice of Security Breach Law

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