MKT 500 Quiz: TERM TEST NOTES.docx
Document Summary
Internal suppliers: any company seeking understanding in its customers, distributors, competition, or environment, organizations supply their own marketing research information , referred to as client side research, diy research (cid:224) timely but cost effective, larger firms typically have a marketing research department, especially those in cpg (consumer packaged goods), media / advertising, and pharmaceutical / health care industries. This makes defining the problem the most important step!: entails a situation where a decision is required, but the decision maker has insufficient information, is specific and actionable, must be meaningful/important, is frequently related to an existing issue. Sources of the problem: failure to meet an objective, we can recognize we have a problem when there is a gap between what was supposed to happen and what actually happened, opportunity, an area of buyer need or potential interest in which a company can perform profitably, what might happen, a problem rises when an opportunity is lost.
