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10 Cards in this Set

  • Front
  • Back

marketing research-

the process of collecting and analyzing information in order to recommend actions.

5 step marketing research approach

1. define the problem

2. develop research plan

3. collect relevant information

4. develop findings

5. take marketing actions

1. define the problem-

-set the research objectives

-identify possible marketing actions

measure of success-criteria or standards used in evaluating proposed solutions to a problem.

2. Develop the research plan-

-specify constraints

-identify data needed for marketing actions

-determine how to collect data

3. collect relevant information-

-secondary data:facts and figures that have already been recorded prior to the project at hand

-primary data:facts and figures that are newly collected for a project

Advantages and disadvantages of secondary data-

advantages: (1) time saving (2) low cost

disadvantages: (1) may be out of date (2) definitions or categories might not be quite right for the project.

4. develop findings-

-analyze the data

-present the findings

5. take marketing actions-

-make action recommendations

-implement the action recommendations

-evaluate the results

common data collection methods-

watching people: mechanical, personal, neuromarketing methods

asking people: coming up with and testing ideas

other sources: social media, panels and experiments, information technology, and data mining

NAICS Codes-

North American Industry Classification System-provides common industry definitions for Canada, Mexico, and the United States