Management and Organizational Studies 1021A/B Chapter Notes - Chapter 7-9: Market Segmentation, Personal Information Protection And Electronic Documents Act, Product Differentiation

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Annalise Ferro

Document Summary

Information presents itself to companies in two ways: a marketing information system, market research studies. Marketing information system (mis): which is a set of procedures and processes for collecting, sorting, analyzing, and summarizing information on an ongoing basis. An mis collects information on elements including: market conditions, competitive marketing action, local sales figures and the analyzes it to provide a current market assessment. Market research: the process of planning, collecting, and analyzing information in order to recommend actions to improve marketing activities. This helps provide marketers with information on (idea): identify consumer needs, determine purchase intent, evaluate new ideas, assess future opportunities. Classified in 3 areas, would do all three: exploratory research: preliminary research that clarifies the scope and nature of a marketing problem. It generally provides researchers with a better understanding of the dimensions of the marketing problem before focusing on areas that require further research.