M201 Final Prep Market Research
Terms
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copy deck
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-process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
-process of discovering what customers expect and what satisfies them
-helps gage what competition looks like
- Market Research
- Five Step Process to Market Research (cyclical nature, not always step by step)
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Step 1 – Define the problem
Step 2 – develop the research problem
Step 3 – collect relevant information
Step 4 – develop findings
Step 5 – Take marketing actions
- facts and figures pertinent to the problem (not information but raw stats)
- Data
- facts and figures already recorded prior to the project
- secondary data
- type of secondary data inside the firm
- internal data
- type of secondary data outside the firm
- external data
- facts and figures newly collected for the project
- Primary data
- type of primary data gathered by watching people
- observational data
- type of primary data gathered by interviewing people
- questionnaire data
- Factors that influence product or brand sales (essential for effective marketing programs)
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advertising
products
price
special promotions
competition
consumers
distribution