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MKT Information (Sources (Internal databases (Impacts (Cons (incomplete…

- - - - provide early warning of opportunities & threats
      - increase MKT understanding
      - assess & track competitors
  - - - Cons
        
        incomplete & out-of-date information
        
        amount of information
        
        require complex equipment & techniques
      - Pros
        
        cheap & quick
        
        competitive advantages
  - - - Step 2: Develop plan
        
        Primary data source
        
        Cons
        
        costly
        
        time-consuming
        
        Elements
        
        Research approaches
        
        Survey: ask questions
        
        Observational: observe people, actions & situations
        
        Experimental: select groups of subjects , check differences in responses as giving different treatment
        
        Ethnographic: send observers to interact with customers
        
        Contact methods
        
        mail
        
        telephone
        
        personal interview
        
        focus group
        
        Sampling plan: a part of population selected to carry out research
        
        Research Instrument
        
        mechanical instrument
        
        questionnaire
        
        Pros
        
        collected for new research plan
        
        tailored to new problem
        
        Secondary data source
        
        Cons
        
        risks of inaccurate, old, irrelevant information
        
        Pros
        
        already on-hand
        
        economical
        
        easy to access
      - Step 3: Implement plan
      - Step 4: Interpret & report findings
      - Step 1: Define problems & objectives
        
        Descriptive: describe detail the market
        
        Casual: test hypothesis about cause-effect relationship
        
        Exploratory: gather preliminary information that will :arrow_right: define the problem and suggest hypotheses