Lecture 1 and 2

Question 1

Data deluge

Answer 1

Overwhelming amount of data is generated and collected at such a rapid pace that it becomes challenging to process, manage, and make sense of efficiently

Question 2

Storage capacity

Answer 2

Amount of data a system can store (measure with MB, GB etc.)

Question 3

Human resources

Answer 3

Workforce or personnel

Question 4

Digital assets

Answer 4

Files, documents, software, and data with value

Question 5

Technological and analysis development

Answer 5

Advancement in tools, methods, and technologies to enhance data processing, analysis, and decision-making capabilities

Question 6

Small Data (micro-data)

Answer 6

Elementary data, easy to analyze, collected for specific objectives. Result of consesus or sample survey. Used to measure scale of phenomenon. Not available in real time.

Question 7

Open Data (administrative data)

Answer 7

Publicly accessible data that anyone can use (ex. government released statistics), certified and free. Don’t cover entire territory, so it’s not fit for comparing, although it can help with the decision-making process. Generally not available in real time.

Question 8

Big Data

Answer 8

Huge and constantly growing sets of data generated unconsciously (ex. Google analyzing searches to improve algorithms). Characterized by variety and lack of structure. Unofficial and without certification model. Accessible in real time.

Question 9

7V model

Answer 9

Volume
Velocity
Variety
Value
Veracity
Validity
Visualization

Question 10

Volume

Answer 10

How much data we have.

Question 11

Velocity

Answer 11

The speed at which the data is processed and redistributed.

Question 12

Variety

Answer 12

Types and formats of data (ex. structured, unstructured).

Question 13

Value

Answer 13

Value of data.

Question 14

Veracity

Answer 14

Accurateness of data.

Question 15

Validity

Answer 15

Validity of data / importance.

Question 16

Visualisation

Answer 16

Way of representing data (ex. charts).

Question 17

Social Data

Answer 17

Data obtained through social networking and interactions. It helps to understand social behavior and identify key influencers and trading topics. It changes quickly and frequently. (ex. likes, shares, comments topics, etc.)

Question 18

Features of Data (new data, new sources)

Answer 18

Relevance
Accessibility
Reliability
Comparability
Completeness
Timeliness
Periodicity
Quality

Question 19

Relevance

Answer 19

Data should meet user needs and include meaningful measurements.

Question 20

Accessibility

Answer 20

Information should be clean and easy to obtain.

Question 21

Reliability

Answer 21

Data should be accurately reflected in reality.

Question 22

Comparability

Answer 22

Data must be compatible with other sources for side-by-side comparisons.

Question 23

Completeness

Answer 23

Data are often not available for some regions or groups.

Question 24

Timeliness

Answer 24

Data should be released soon after collection.

Question 25

Periodicity

Answer 25

Data should be **regularly updated**.

Question 26

Quality

Answer 26

Emphasis on producing **high-quality statistical data**.

Question 27

Decision-Making Process

Answer 27

Decision-making based on analyzed data.

Question 28

Information System

Answer 28

Pays crucial role in **transforming raw data into knowledge** that can be used in the decision-making process. **Information Gap** -> **Design** -> **Data Collection** -> **Data Storage** -> **Data Analysis** -> **Information Sharing** -> **DECISION**

Question 29

Design (inf. system)

Answer 29

Initial phase where organization defines its **Information needs** and **identifies sources**. The goal is to ensure that data being collected is **relevant** to the organization's decision-making process.

Question 30

Data Collection (inf. system)

Answer 30

**Gathering data** through various methods such as the ** internet**, **database**, **networking**, and **surveys**.

Question 31

Data Storage (inf. system)

Answer 31

Once data is collected, it needs to be stored in manageable format such as **paper or electronic files** or **videos**.

Question 32

Data Analysis (inf. system)

Answer 32

The most crucial phase where **raw data is processed and analyzed using descriptive techniques, scenarios, models and forecasts**. This step **converts raw data into useful insights**, helping companies generate the knowledge needed for making decisions.

Question 33

Information Sharing (inf. system)

Answer 33

**Analyzed data and insights is shared with decision-makers** through **presentations, newsletters, intranet and email**.

Question 34

Three Pillars of Information System

Answer 34

People Technology Data

Question 35

Technology (3 Pillars of Inf. System)

Answer 35

- **key factor for an efficient and effective data management** in the information system - innovations in technology **increases the speed of managing tasks** in organizations

Question 36

People (3 Pillars of Inf. System)

Answer 36

- **engine of the system** - provides useful data - to fully exploit the potential of human resources, **people should know the details about the company**

Question 37

Data (classification by source) (3 Pillars of Inf. System)

Answer 37

Data Classification by Source: – **Internal Data: Generated within the organization** (e.g., product costs, advertising budgets, client data). – **External Data: Available from outside sources** (e.g., public statistics, industry analyses, macro-economic forecasts).

Question 38

Data (classification by purpose) (3 Pillars of Inf. System)

Answer 38

Data Classification by Purpose: – **Primary Data: Collected specifically to address the problem at hand.** – **Secondary Data: Previously collected for a different purpose.**

Question 39

Advantages of Secondary Data

Answer 39

– Easy to access – Cost-effective – Quick to obtain

Question 40

Disadvantages of Secondary Data

Answer 40

– May not fit the problem’s objectives or methods – Potential issues with accuracy, completeness, timeliness, and reliability

Question 41

Uses of Secondary Data

Answer 41

– Define and approach the problem – Design research strategies – Address research questions and test hypotheses – Support interpretation of primary data

Question 42

Criteria for Evaluationg Secondary Data

Answer 42

- Specification / Methodology (Methods) - Error / Accuracy - Currency (Frequency) - Objective - Nature - Dependability

Question 43

Internal Data

Answer 43

Data **generated and used within an organization**. Internal sources are often the first step when seeking secondary data, as organizations typically have extensive in-house information.

Question 44

Benefits of Internal Data

Answer 44

- Readily available - Cost-effective, often the least expensive source

Question 45

Types of Internal Data

Answer 45

- **Operational Data**: Sales figures, financial reports - **Client Database**: Demographics, size, purchase history - **Loyalty Card Data**: Links customer behavior with demographics - **Customer Relationship Management** (CRM): Insights into customer behavior - **Web Analytics**: Tracks website visitor activity

Question 46

Classification of External Data

Answer 46

**PUBLISHED - General Business Source (guides; statistical data) - Government Sources (consensus data; other government publications)** DATABASE SYNDICATED SERVICES

Question 47

Classification of External Data (Published - General Business Source)

Answer 47

**Guides** are helpful for **identifying other valuable sources of business information**. **Statistical data** provides **essential insights into market trends and consumer behavior**.

Question 48

Classification of External Data (Database)

Answer 48

**Bibliographic** lists **citations from journals, magazines, reports, and government documents** (e.g., ABI/Inform). **Directory** contains **data on individuals, organizations, and services** (e.g., CERVED, CONSODATA). **Media** tracks **advertising investments** (e.g., NIELSEN).

Question 49

Classification of External Data (Syndicated Services)

Answer 49

**Panels and Surveys** Syndicated sources are **marketing research services** that **provide information from a shared database to multiple subscribing firms**. These companies **collect and sell data pools** of known commercial value, designed to meet the common information needs of their clients.

Question 50

Classification of External Data (Syndicated Services - Home Panels)

Answer 50

Home panels **track the same group of people or households over time**, though the **information collected may vary**. They help: - Compare data over time. - Avoid memory-related errors in data. - Study smaller, similar groups within the panel. Households **regularly share data on everyday products like groceries and non-durable goods**. Main providers: Nielsen and GFK.

Question 51

Classification of External Data (Syndicated Services - Point of Sales Panels)

Answer 51

This panel uses a **sample of stores like supermarkets, restaurants, bars, traditional shops, and pharmacies**. Stores can be grouped by: - Region - Town size - Store type and size - Brand (Banner) Data is collected electronically (e.g., scan data) each month and includes: - Sales (volume and value) - Prices - Promotions

Question 52

Classification of External Data (Syndicated Services - Media Panels)

Answer 52

Media panels **use electronic devices called Meters to automatically record TV viewing habits**. These devices are **installed on every TV in selected households** and track: - **What program or channel is being watched**? - **Who is watching**? Daily viewing data is stored in the device and automatically retrieved each night for processing. **The results are shared with the TV industry and other clients** the following day. In Italy, Auditel is the main media panel, covering 16,000 households and 41,000 individuals.

Question 53

Classification of External Data (Syndicated Services - Surveys)

Answer 53

**Psychographics and Lifestyles**: Surveys focus on **behavioral preferences, personalities, values, attitudes, interests, and opinions**. **General Survey**: These surveys cover a wide range of topics, such as: **- Purchase and consumption behavior - Shopper behavior - Media consumption and reading habits**. **Market Survey**: Surveys provided by market research firms specializing in business intelligence, including reports on: **- Market size and trends - Industry analysis and forecasts - Consumer and technological trends - Reports and estimates are based on the analysis of multiple sources, including expert opinions**.

Question 54

Advantages and disadvantages of Survey

Answer 54

Pros: **Flexible in design**. **Can target specific groups.**. Cons: **Responses may not match actual behavior**. **High potential for errors in the data.**.

Question 55

Advantages and disadvantages of Panel

Answer 55

Pros: **Tracks changes over time (longitudinal data)**. **Reduces human errors with electronic devices.**. Cons: **Might not represent the broader population accurately**. **Participants may change over time (maturation)**. **Data can be affected by response biases.**.

Question 56

Marketing Intelligence Data

Answer 56

Marketing intelligence **provides updates on the market environment using *internal and primary data***. For example, sales representatives gather information about competitors' promotions, new products, or customer behavior and strategies. This data is often collected through informal activities.

Question 57

Ad-hoc Survey Data

Answer 57

Ad-hoc surveys are **needed when secondary data (internal or external) are unavailable (so *it's primary external data*) or don't meet specific information needs**. It is a **formal process of collecting data outside the company** to help make a specific business decision. The process follows a series of steps, which will be covered in the next lessons.

Question 58

Definition of Marketing Research

Answer 58

Marketing research is the process that **connects consumers and the public to marketers through information**. It helps to: - Identify and define marketing opportunities and problems. - Generate, refine, and evaluate marketing actions. - Monitor marketing performance. - Improve understanding of marketing as a process. Marketing research **specifies what information is needed, designs how to collect it, manages the collection process, analyzes the results, and communicates the findings and their implications** (American Marketing Association).