Define and address marketing problems or opportunities via systematically collecting and analyzing information and recommendation action
WHY MARKETING RESEARCH? Basically a risk management/reduction strategy for biz decision to better understand the market condition
HOW IS MARKETING RESEARCH PERFORMED? The MR Process: * define the problem NOT the symptoms * develop a research plan how to collect data, what statistical tools to use, set parameters * collect relevant information * draw inferences based on thorough analysis present findings to decision makers * take marketing actions recommendations
ISSUES IN MARKETING RESEARCH
Types of data:
primary vs secondary
Primary: * observational -- ethnographic * focus groups * questionnaire data * experiments * panels
How mass data is collected: Survey methods – personal interviews, online, mail, faxes, mall intercepts
Types of questions used: * Open-ended vs closed-ended * dichotomous * Scaling methods: Semantic Differential Scale, Likert scale
Secondary data: * internal – sales data * external – Census Bureau, Journals, industry, data services, syndicated
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