BUS-294 Chapter Notes - Chapter 1: American Marketing Association, Statistical Inference, Relate

• School: Diablo Valley College
• Department: Business Accounting/Management/Marketing/Real Estate
• Course: BUS-294
• Professor: Miller

Document Summary

Two key elements in deciding how to collect data are (1) concepts and (2) methods. Concepts: concepts are ideas about products or services, marketing researchers frequently develop a new-product concept, which is a picture or verbal description of an offering the firm might offer for sale. Journal of marketing: special methods vital to marketing research are: Involves selecting representative elements from a population, such as distributors, customers, or prospects, in order to ask them questions. Their answers are then treated as typical of that population. Involves drawing conclusions or generalizing the results from the data obtained from the sample taken to the larger population from which the sample was drawn. Answer: marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions to reduce the risk of and thereby improve marketing decisions. Answer: the five-step marketing research approach provides a systematic checklist for making marketing decisions and actions.