24108 Lecture Notes - Lecture 2: Market Segmentation, Institute For Operations Research And The Management Sciences, Deeper Understanding
Document Summary
It is an essential component of understanding the market and should contribute to improved performance of an organisation: market research informs many types of decisions market segmentation, sales performance, pricing, product, distribution. The components of a marketing information system: market research involves 5 major components: Defining the research problem. can be performance related. Presenting the results & making recommendations: before undertaking market research, the following factors must be considered: Timing: research needs to be done well before new product/service is implemented. Cost-benefit analysis: invest in research that is significantly beneficial to the organisation. Ethical implementation: information consumers provide an organisation for research purposes must remain private. Introduction: explains why research needs to be conducted & who is proposing the research. Problem definition: the question that needs to be addressed. Time & budget: amount of money the marketer is able to spend, when results are needed various milestones & contingencies.
