Chapter 7 notes.docx - Chapter 7 7.1 The Marketing Research...

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Chapter 7: 7.1 The Marketing Research Process - Marketing Research is a prerequisite of successful decision making. It consists of a set of techniques and principles for systematically collecting, recording and analysing and interpreting data that can aid decision makers involved in marketing goods, services or ideas - When marketing managers attempt to develop their strategies, marketing research can provide valuable information that will help them make segmentation, positioning, product, place, price and promotion decisions - Why is market research valuable? 1. Helps reduce uncertainty in which they currently operate. 2. Provides firms with a crucial link between firms and environment, which enables them to be customer oriented 3. By constantly monitoring their competitors, firms can anticipate and quickly respond to competitive moves Market Research Process Step 1: Defining Objectives and Research Needs - Because research is both expensive and time-consuming, it is important to establish in advance exactly what problem needs to be solved. To do so, marketers must clearly the objective of their marketing projects. Market Research Process Step 2: Designing the Research - Second step involves design. In this step researchers identify the type of data needed and determine the research necessary. Market Research Process Step 3: Data collection process - can be obtained through primary and secondary resources - Secondary data are pieces of information that can be collected prior to the start of the focal research project and include both internal and external sources - Primary data are collected to meet specific research needs. E.g. it includes primary data collection methods include focal-groups, in-depth interviews and surveys. - No company can ask every customer about their opinions; hence researchers must choose a group that represent customers of interest known as a sample and generalise their opinions to describe all customers with the same characteristics.
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  • '16
  • Mohammed
  • Marketing, researcher, market research process, Research Process Step

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