MKT 100 Chapter Notes - Chapter 7: Panel Data, Data Mining, Projective Test

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fariba Nosrati

Document Summary

Marketing research is a key prerequisite to successful decision making. It consists of 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 marketing managers make segmentation, positioning, product, place, price and promotion decisions. Managers consider several factors before beginning a marketing research project. The five steps to the marketing research process are: Before starting on a research project, it is important to plan the entire project in advance. By doing this, researchers can avoid unnecessary alterations to the research plan as they more through the process. Step 1: define the research problem and objectives. If you define the problem incorrectly, you will most likely end up with the wrong solution even thought the rest of the process is done perfectly.