CO SCI 136 Lecture Notes - Lecture 8: Direct Marketing, Database Marketing, Decision Support System
Document Summary
Market research is the process of collecting, recording and analyzing data about customers, competitors and the market. It not only helps to find out what are the needs and wants of customers but also how they react to different price levels, alternative types of promotion, new types of packaging and means of distribution. Types of research: exploratory research - exploration fuelled by curiosity and it is advisable for researchers to use their instincts to find clues and venture into new territories in search of information. Flexibility is important in exploratory research and it is bound to result in new ideas, revelations and insights. It is defined as the collection of preliminary data to further clarify the nature of marketing problem. Tools used in exploratory research: secondary information, personal interviews, focus groups, case analysis, projective techniques. Descriptive research - explain a particular issue or problem. E. g. building customer profiles & measuring attitudes towards a certain brand or product.
