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MARKETING RESEARCH, definition, example, example, there are:, method,…
MARKETING RESEARCH
Collection and analysis of information to improve marketer's decision-making
Obtains consumer insights which is the process of finding consumer's wants and needs
https://www.investopedia.com/terms/m/market-research.asp
Marketing Research Process
Develop research plan for data collection
Exploratory
Providing ideas on issues
Interviews / Focus groups
Descriptive
Describes things for a product
Observations, Surveys
Causal
Determination of how one factor affects another, "cause and effect" relationship
Experiments
Secondary Data
Facts recorded before project
time saving
cheap
out of date
definitions
not detailed
inputs
outcomes
reports
trade associations
Primary Data
Facts newly collected for project
Data Collection Methods
Research and Surveys
Sampling Plans
Probability Sample
Random, Stratified, Cluster
Non-probability Sample
Convenience, Judgement, Quota
Research Instruments
Mechanical Instruments
Questionnaires
Close ended, Multiple choice, open ended, dichotomous
Contact Methods
Mail, Phone call, Online
https://microbenotes.com/primary-data-and-secondary-data/
https://study.com/academy/lesson/overview-of-exploratory-descriptive-causal-research-in-marketing.html
Define problem and reseach objectives
Managing to make a decision to resolve issues
Introducing a new product for sales to increase
Constraints: restrictions placed on solutions to an issue
Time and Money
Obtain needed information for decision marking
Interpret and report findings
Interpret and draw conclusion from findings by tabulation of data graphically
pie charts, graphs, histograms
Implement research plan: collecting and analysing data
What are the factors affecting / contributing to x ?
What are the age group ?
Company's standard compared to competitors ?
https://en.wikipedia.org/wiki/Marketing_research_process
https://www.smartbugmedia.com/blog/the-5-step-marketing-research-process
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