BU352 Chapter Notes - Chapter 7: Data Warehouse, Data Mining, Panel Data
Document Summary
Collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing. The 5 step process: define the research problem and objectives. Important to separate the symptoms of the problem from the actual problem itself: design the research plan. Identify the type of data needed and determine the type of research necessary to collect it: collect data. Can be from primary (collected through focus groups or interviews) or secondary sources (external and internal data sources) They gather information from a sample who represent all the customers because you can"t possibly consult every customer: analyze data and develop insights. Data is the raw numbers and stuff you collect. Information is data that has been interpreted and results from organizing, analyzing, and interpreting the data. Becomes a form that is useful to marketers. It"s important to analyze and interpret in an objective manner. Don"t sugar coat things: present action plan.
