MKT607 – lectureaid_2

MKT607 – lectureaid_2 - MKT607 Marketing...

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MKT607 – Marketing Management Study aid: Lecture 2 Introduction Marketing departments rely on market research to understand better what their customers think of their product offerings. Many companies perform market research several times throughout the year. If the brand is a national offering, then research must be conducted in several parts of the country. What sells well on the East Coast of the United States may not sell well or be well adopted in the West Coast. There are regional differences in this country, and market researchers help the marketers understand these variations. Marketing Research Process There are 5 Ps to the marketing research process: Purpose of the research Plan of the research Performance of the research Processing of the research Preparation of the research report Primary and Secondary Data One of the first decisions is centered on the purpose of the research and the cost-effectiveness of acquiring data to aid marketing decision makers. This initial decision often guides marketers' choice about whether or not to use primary or secondary data. Primary data are data collected specifically for the research problem under investigation. Secondary data are those that have previously been collected for other purposes but can be used for the problem at hand. Successful marketers know that it is vitally important to listen to the voice of the customer on an ongoing basis. One of the best ways to determine consumer feedback and reactions is through toll-free feedback and
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MKT607 – lectureaid_2 - MKT607 Marketing...

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