This week’s activity relates to the wide range of External Data that companies may use to help address their research objectives and research questions.
The types we will focus on are:
Public (incl. annual reports, media, trade publications, and academic journals)
Government (incl. Govt reports, and ABS data)
Social (incl. social media sentiment, and consumer reviews)
Search (incl. Google Trends)
Syndicated (incl. research/ consulting firms, IBISWorld, and Data Warehouses).
1-What the External Data is?
Pick 2-3 of these specific data types (try to pick ones that have less input from other students already).
For example, you might pick ABS and Google Trends
2- Investigate the types of data you can find from those sources
Post a summary of what you find to the relevant thread below. In your summary you might think about:
What types of data are available?
The pro’s and con’s of the data source
How relevant, timely, and accurate is the data available through that source? Are there any inherent biases?
This is a sample answer for one student that maybe helps you to understand :
Summarizing, external data is the data that the company does not owe. It is data that can be found in different sources like government, google, social media among others. my focus will be social media and Search.
1. Social media (Instagram):
The data that is available can be found textual, pictures, videos, locations and sounds. Each company must use the data available in their own way. The data found in social media is mostly unstructured data. It is good to identify issues, trends, important information about customers among and also benefits businesses to make future decisions. The data found in Instagram is mostly: time, location, genre, age and reviews. The problem with this data source is that it faces difficulties when we try to prepare the data for more analysis and structure the data.
This article I read explains all of the information I said before in a really good and interesting way and talks about all social media sources.
Source: https://www.sciencedirect.com/science/article/pii/S0268401217308526 (Links to an external site.)
https://business.instagram.com/?locale=en_GB (Links to an external site.)
2. Search (Google Trends)
Google trends is mostly used to predict the present and the future. The source offers a huge amount of topics and locations to find information regarding a specific topic. It has real time economic activity, geographic information and forecast. The data available is very valuable but it can also get to the point of where a lot of research questions may be raised while using the data.
source: https://onlinelibrary.wiley.com/doi/full/10.1111/j.1475-4932.2012.00809.x?casa_token=u7Hvu8QMbRoAAAAA%3AbCjsm37umAdE-c-vBehcxvyJVB7eOuyBUC99_x1JXIKpDyi97C2E_fio_h5CIeLsZedWPhkewuE5ft0
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