MKT 100 Lecture Notes - Lecture 4: Data Mining, Panel Data, Milkshake

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Marketing research is 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. Before starting any research it is wise to plan the entire project out first. By doing this researchers can avoid unnecessary alterations to the plan. Because research is expensive and time consuming problems and objectives should be defined specifically. Also important to separate symptoms of a problem, from the actual problem. Researchers identify the type of data needed in the study. If a company wants to learn about customer experience, they may stay away from surveys and simply observe customers when with their product/service. Primary data (data collected specifically for the study) or secondary data (i(cid:374)fo that"s already collected) can be used for the study. Most studies are often done at random si(cid:374)(cid:272)e it"s i(cid:373)possi(cid:271)le to ask every customer.