MKTG 240 Lecture Notes - Lecture 6: Data Warehouse, Sensitivity Analysis, Dependent And Independent Variables
Document Summary
5 step process: define the problem, develop the research plan, collect relevant information, develop findings, analyze data (market researchers, take marketing actions, 4 p"s. Secondary data-already exists; research done for another product, census; usu free. Primary data-new data done specifically done for your product/idea; 15957$ External data can save money and time, but can be outdated and not exactly what you"re looking for. Wording is very important to get answers you want. More specific to your problem whereas secondary data as based off of someone else"s problem. Take last year"s sales and add about 6 percent but it"s not very accurate. Lost horse forecast-haven"t had it in a while offer it again and there will be more interest than if it is always there. Boss says we"re having a certain increase in sales based off of the goals of the company.
