BU352 Chapter Notes - Chapter 7: Data Mining, Focus Group
Document Summary
Marketing research: a set of techniques and principles for collecting, recording, and analyzing data that can aid decision makers involved in marketing goods or ideas. Step 2: design the research plan researchers identify the type of data needed and determine the type of research necessary to collect it. Methods of collection include focus groups, in depth interviews, and surveys. Step 4: analyze data and develop insights: 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: checkout scanner collects sales data. In the final phase of the marketing research process, the analyst prepares the results and presents them to decision makers, who undertake appropriate marketing actions and strategies. Secondary data: secondary data might come from free or very inexpensive external sources such as census data, information from trade associations, books, journal articles, and reports published in magazines and newspapers.
