Study_Guide_for_Lecture_7_-_Market_Research_I

Study_Guide_for_Lecture_7_-_Market_Research_I - Study guide...

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Study guide for lecture 7: Market Research I Definitions 0. Decision 0. A conscious choice from among two or more alternatives 0. There has to be more than one option 1. You must take different courses of action for each alternative 1. Market Research 1. The process of planning, collecting, and analyzing data relevant to a marketing decision 2. Marketing research problem 2. What information is needed and how can we get it 3. Management decision problem 3. Uses research to help take proper actions 2. Data 4. A fact  3. Information 5. A fact that is used to make a decision 0. Data 0. Raw and unadorned  1. Information 1. Endowed with context and meaning 2. Filtered, synthesized, aggregated 2. Intelligence 3. A full appraisal of information, past, present, options 4. A property of the organization Barriers to intelligence 4. Human barriers 6. Ego 7. Inaccuracy 8. Non-compliance 5. Technological barriers 9. Legacy systems 4. Information silos 10. Database proliferation Marketing 431 Study Guides  ©  2009 Lecture 7: Market Research I page 1
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6. Pseudo-Research 11. Data that is developed to justify a decision that has already been made 12. CYA Marketing Information 7. In order to make good decisions, you need good information 13. GIGO 8.
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