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T4: Information, research and demand (Ch3/4) (Market research…
T4: Information, research and demand (Ch3/4)
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Market research
Definition: the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation/problem facing the company.
Six step process:
- Develop the research plan (p.116)
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Sampling plan
- Sampling unit - who is to be surveyed?
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- Sampling procedure - how should the respondents be chosen?
Contact methods
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Online
Types
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Banners / Pop ups, with incentives
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Data sources
Secondary data
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Can be outdated, incomplete, or unreliable
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- Collect the information - most expensive and most prone to error (p.125)
- Define the problem, the decision alternatives and the research objectives (p.115)
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Not all research can be so specific, some is exploratory and some is cause-effect focused
- Analyse the information (p.125)
- Present the findings (p.125)
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Marketing Decision Support System (MDSS) - a coordinated collection of data, systems, tools, and techniques with supporting software and hardware.
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