MKT-3010 Lecture Notes - Lecture 10: Focus Group, American Marketing Association, Data Mining
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3 questions must be answered before we can move on: 1. Is the research project going to be useful to make a: 2. Is upper management committed to abiding by the results pertaining the research: 3. How much money is necessary to gain the information that (cid:1) (cid:1) Step #1: define objectives and research needs: what information is needed by the firm to answer the questions at hand and make a good decision, cost vs. benefit analysis. Can cost a lot in terms of money and time. We want the most relevant information for the least amount of money. Time and money: type of data can ultimately achieve our objectives. External sources: ex) census, magazines, trade publications, syndicated data: data that is accessible for a fee, credibility issue. Data has to be reliable because you didn"t collect it. Internal sources: data warehouses: large internet files, data mining.
