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MKT291Ch.8 - Chapter 8 Marketing Research o The process of...

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Chapter 8 Marketing Research o The process of collecting and analyzing information in order to recommend actions 5 Step Marketing Research Approach o Step 1: Define Problem Set research objectives Measures of Success Criteria or standards used in evaluating proposed solutions to a problem o Step 2: Develop the Research Plan Specify Constraints Constraints o Restrictions placed on potential solutions to a problem Identify Data Needed for Marketing Actions Determine How to Collect Data Develop product concepts and methods of collecting data on the concepts o Step 3: Collect Relevant Information Data The facts and figures related to a problem Secondary Data Facts and figures that have already been recorded before the project at hand Advantages – time savings and low cost Disadvantages – out of date and not exactly the information needed
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Primary Data Facts and figures that are newly collected for a project
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