COMMERCE 2MA3 Chapter Notes - Chapter 7: Personal Information Protection And Electronic Documents Act, Ethnography, Neuromarketing

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Bharat L Sud

Document Summary

Marketing research: 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. Helps reduce some uncertainty under which they currently operate. Crucial link between firms and their environments, which enables firs to be customer oriented because they build their strategies by using customer input and continual feedback. Better anticipate and respond quickly to competitive moves. Ongoing marketing research can identify emerging opportunities and ways of satisfying the customers in a changing environment. Managers consider several factors before embarking on a marketing research project: Step 1: define the research problem and objectives. Correctly defining the problem is one of the most important elements of the marketing research process. Focusing on research questions that marketing research cannot answer. Addressing research questions to which the answers are already known.