COMMERCE 2MA3 Chapter Notes - Chapter 7: Panel Data, Data Mining
11 Dec 2016
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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. Step 1: define the research problem and objectives. Type of data needed and type of research necessary to collect it. Secondary data: pieces of information that have been collected prior to the start of the focal project. Primary data: data collected to address the specific research needs/questions currently under investigation. Some primary data methods include focus groups, in-depth interviews and surveys. Data: raw numbers or other factual information of limited value. Information: data that has been organized, analyzed, interpreted and converted into a useful form for decision makers. Prepare results and present them to decision makes who undertake appropriate marketing actions and strategies. Data mining: the use of statistical analysis tools to search for patterns in data or relationships among variables. Syndicated data: data available for a fee from commercial research firms.
