BU352 Chapter Notes - Chapter 7: Panel Data, Data Mining, New Product Development
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. Market research can provide valuable information that will help them make segmentation, positioning, product, place, price, and promotion decisions and is key to understanding topics such as: Helps reduce some of the uncertainty under which they currently operate. Provides a crucial link b/w firms and their environments. Firms can anticipate and respond quickly to competitive moves. Can identify emerging opportunities and new and improved ways of satisfying consumer needs and wants from changes in the external environment. Consists of 5 steps; sometimes researchers go back and forth from one step to another as the need arises. By planning the entire research process well in advance of starting the project, researchers can avoid unnecessary alterations to the research plan as they move through the process. Step 1: define the research problem and objectives.
