MKT 100 Chapter Notes - Chapter 7: Data Mining, Data Warehouse, Projective Test

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

Document Summary

Identify the 5 steps in the marketing research process. Describe primary data collection techniques and summarize the difference between secondary data and primary data. Outline ethical issues firms encounter when conducting marketing research. Marketing research: is a key prerequisite to successful decision making; consists a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing good s, services or ideas. When marketing managers attempt to develop their strategies, marketing research can provide valuable information that will help them make segmentation, positioning, product, place, price and promotion decisions. Helps reduce uncertainty under which they currently operate. Help managers in decision making and take appropriate steps to acquire the information they need. Marketing research provides a crucial link between firms and their environments which enable firms to be customer oriented (customer input and feedback) By constantly monitoring their competitors firms can anticipate and respond quickly to competitive moves.