Study_Guide_for_Lecture_5_-_Market_Research_I - Study Guide...

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Study Guide for Lecture 5 – Market Research I Definitions *Decision *A conscious choice from among two or more alternatives *There has to be more than one option *You must take different courses of action for each alternative Good decision à comes out the way you expected… There’s no such thing as a good decision or bad decision in business at the time you make it! There’re only defensible decision – how well you defend the decision you depend on. SWAG decision: Scientific Wild Ass Guess Decision: conscious choice between two or more option *Data *A fact  *Information *A fact that is used to make a decision *Intelligence *Data *Raw and unadorned  *Information (e.g. Walmart) *Endowed with context and meaning *Filtered, synthesized, aggregated *Intelligence  *A full appraisal of information, past, present, options *A property of the organization Marketing 431 Study Guide Lecture 5 Market Research page 1 ©2007 Bruce Robertson
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Barriers to intelligence *Human barriers *Ego *Inaccuracy *Non-compliance *Technological barriers *Legacy systems *Information silos *Database proliferation *Pseudo-Research *Data that is developed to justify a decision that has already been made *CYA – Cover your behind Marketing Information *In order to make good decisions, you need good information *GIGO *Today, we live in a computer-mediated networked world *We need systems to deliver *The right information *In the right form *At the right time
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Study_Guide_for_Lecture_5_-_Market_Research_I - Study Guide...

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