MKTG101 Lecture Notes - Lecture 4: Institute For Operations Research And The Management Sciences, Simple Random Sample, Data Analysis
15 Mar 2020
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Document Summary
Market research is a business activity that discovers information of use in the making marketing decisions. Market research is an essential component of understanding the market. Market research is only of value if the information it provides can contribute to improved performance. Data originally gathered or recorded for a purpose other than to address the current market research problem, information that is already available. 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. Concept test: to determine if a new product idea or concept is attractive to potential customers. Copy test: to determine if the intended message in an ad is being communicated effectively. Price responsiveness: to gauge the effect of a price change would have on demand for a brand. Market share analysis: to determine a firm"s proportion of the total industry sales of a product.
