There are several ways that can be done to collect and analyze data for PiggyBank’s use. However, the most important segment in formulating data collection and analysis is to target the best source for this information. Apparently, since PiggyBank is in line with financial programs for their new credit card line-up, it would be ideal to acquire data from various economic sectors as well as from other financial institutions.
For the simplest part, it is ideal to collect data from already established institutions that have a wide range of recorded databases. These data can be purchased or leased depending on the organization that supplies them. Also, there are some public offices that may provide free access to collected data from previous studies. Data that present economic factors, such as yearly interest rates, economic inflation rates and cyclic standard of living ratings may be acquired. These are very useful in establishing the credit card program for PiggyBank as these may introduce the reflection of the current and past profitable market trends.
Another effective way to collect data for PiggyBank is through the use of extensive surveys. Personal interviews to randomly selected individuals may be concluded. A certain degree of information extraction may be asked from the chosen subjects. Interviews can be taped – or the researcher may take field notes as the interview progresses (NAU, 1997). Questions that ask if they have a credit card, how frequent they use them and were they able to pay for their bills are some of the most useful data extraction procedures for PiggyBank’s program.
Although the mentioned techniques for data collection have been widely used, there might be some issues in acquiring them. For the first type, some data might be too general that no specific values may be useful for PiggyBank. Also, since they are pre-recorded data, they may not be useful for the current market and economic situation where PiggyBank wishes to penetrate. With regards to surveying, it may be too costly or might waste some resources (money, time, manpower) which can be irrelevant to PiggyBank’s marketing goal.
Even though there may be some concerns, the most appropriate data collection process for PiggyBank is to use random actual surveying. This can give a better commercial trend because data collected are fresh and readily predicts the present situation of the economic sector.