COMM 296 Chapter Notes - Chapter 9: Panel Data, Data Mining, Marketing Mix
Document Summary
Step 1: defining the objectives and research needs: marketing research will be wasted if research objectives are poorly defined (i. e. irrelevant questions; questions that cannot be answered; answers already available) Step 2: designing the research: identify type of data needed and type of research to collect it. Step 3: data collection process: sample: group of customers who represent customers of interest in a study, secondary data: pieces of information that have already been collected from other sources and usually are readily available. Cons: information may not be specific/timely enough to meet the research objectives. External secondary data: data collected from sources outside firm (i. e census) Syndicated data: data available for a fee from commercial research firms; good in providing specific details of the market. Scanner data: type of syndicated data used in quantitative research that is obtained from scanner readings of upc codes at check-out counters (focus on weekly consumption of particular product) Panel data: information collected from consumer groups.
