MKTG101 Lecture Notes - Lecture 3: Market Segmentation, Data Mining, Customer Service
Document Summary
Secondary data: data originally gathered or recorded for a purpose other than to address the current market research problem, information that is already available: primary data: data collected specifically for the current market research project. Processing large data sets to identify patterns and trends not obvious or even discernible by observation. Segmentation studies: to identify distinct groups within the total market for a particular product: customer service/ satisfaction studies: to monitor how customers feel about an organisation and its products and services. Mis: market research is an on-going process and is constantly evolving, at any point, new ideas or insights can occur that require a change in the product. In practise, a market research projects doesn"t always occur in a strict sequence. Market research involves five major components: defi(cid:374)i(cid:374)g the (cid:396)esea(cid:396)(cid:272)h p(cid:396)o(cid:271)le(cid:373, desig(cid:374)i(cid:374)g the (cid:396)esea(cid:396)(cid:272)h (cid:373)ethodolog(cid:455, (cid:272)olle(cid:272)ti(cid:374)g data, a(cid:374)al(cid:455)si(cid:374)g data a(cid:374)d d(cid:396)a(cid:449)i(cid:374)g (cid:272)o(cid:374)(cid:272)lusio(cid:374)s, p(cid:396)ese(cid:374)ti(cid:374)g the (cid:396)esults a(cid:374)d (cid:373)aki(cid:374)g (cid:396)e(cid:272)o(cid:373)(cid:373)e(cid:374)datio(cid:374)s.
