BUSI 2208 Chapter Notes - Chapter 5: Data Mining, Data Warehouse, Personal Information Protection And Electronic Documents Act
22 Dec 2012
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Document Summary
Marketing research: is a key pre-requisite to successful decision making. It is 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. Marketing research can provide valuable information that will help segmentation, positioning and the 4p"s. It helps reduce some of the uncertainty marketers work under. Provides link between firms and environment, enabling customer orientation. Through constant monitoring of competitors firms can respond quickly to competitor moves. Identifies emerging opportunities and new and improved ways of satisfying customer needs. Using marketing information system to create value: an mis is a set of procedures and methods that apply to the regular, planned collection, analysis, and presentation of information that then may be used in marketing decisions. Provides a means to accumulate information from sources both internal and external to the organization. Can be used to generate customized analysis or for individual marketing projects.
