ADM 2320 Lecture Notes - Lecture 7: Research, Data Analysis, Regression Analysis
28 Jun 2018
School
Department
Course
Professor
Marketing Research - very crucial
To understand the market better
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To get perceptions on the value of the product
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To influence buying decisions
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Helps you avoid mistakes
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To make better decisions
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Why marketing research?
Marketing research - consists of a set of techniques and principles for systematically collecting,
recording, analyzing and interpreting data that can aid decision makers involved in marketing goods,
services or ideas.
Otherwise, research information can be biased
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Increases reliability
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Professional
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Without it, could lead to wrong decisions
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Why systematically?
Overview:
Defining the market research - hardest stage because one has to come up with a topic.
Why important? - 95% of the work done if this is stage completed.
e.g. clothing store in rideau street closed down because the targeted segment of tweens in the
early years followed a different trend compared to the present. Didn't diagnose the issue
properly. Thought is was advertising. But lifestyle of the children changed.
Design the research plan -
Collected by observing consumer behavior, conducting focus group interviews,
surveying customers using mail, telephone, in-person interviews or Internet
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tailored to fit the pertinent research questions
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Offers behavioral insights generally not available from secondary data
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Advantage:
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Costly than collecting secondary data
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Takes longer
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Require sophisticated training and experience to design and collect primary
data that are unbiased, valid and reliable
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Sample does not represent the entire population
Biased when :
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Disadvantage
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primary - to answer the focal question and research needs
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Type of data you want :
Marketing Research Process
7 - Marketing Research
Tuesday, 17 October, 2017
1:03 PM
Marketing Page 1
Document Summary
To get perceptions on the value of the product. Marketing research - consists of a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas. Defining the market research - hardest stage because one has to come up with a topic. 95% of the work done if this is stage completed. e. g. clothing store in rideau street closed down because the targeted segment of tweens in the early years followed a different trend compared to the present. Type of data you want : primary - to answer the focal question and research needs. Collected by observing consumer behavior, conducting focus group interviews, surveying customers using mail, telephone, in-person interviews or internet. Advantage: tailored to fit the pertinent research questions. Offers behavioral insights generally not available from secondary data. Require sophisticated training and experience to design and collect primary data that are unbiased, valid and reliable.
