Management and Organizational Studies 1021A/B Lecture Notes - Lecture 8: Test Market, Psychographic, Product Differentiation

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Michael Aloisio

Document Summary

Text book reading pages 95-117, 146-161 (cb text) Information present itself to companies in 2 ways: a mis (marketing information system)= a set of procedures and processes for collecting. ,sorting, analyzing, and summarizing information on an ongoing basis. Collects info on e. g. market conditions, competitive marketing actions, local sales figures, and then analyze it to provide a current market assessment. Info may come from internal reporting systems and/or external sources such as research companies that track competitive behavior: market research studies. Market research= process of planning, collecting, and analyzing info in order to recommend actions to improve marketing activities. Not easy to conduct, because getting accurate info from consumers can be difficult. Market researchers use methodical approaches to ensure that research results are as accurate and cost efficient as possible. Market research can be classified into 3 basic areas: exploratory research= preliminary research conducted to clarify the scope and nature of a marketing problem.