BU352 Lecture Notes - Lecture 7: Panel Data, Data Mining
Document Summary
Marketing research process consists of five steps: Step 2 design the research plan: need to identify the type of data needed and determine the type of research necessary to collect it. Step 3 collect data: secondary data pieces of information that have been collected prior to the start of the focal project, e. g. mcdonalds could get data from external providers such as national. Purchase diary panel: primary data data collected to address specific research needs/questions currently under investigation, e. g focus groups, in-depth interviews, and surveys. Step 5 present action plan: analyst prepares the results and presents them to decision makers, typical marketing research presentation includes, executive summary, body of the report, conclusions, limitations, supplemental tables, figures, appendices. Advantage can be tailored to fit the research questions. Disadvantage can be more costly to collect primary than secondary data. Qualitative research attempts to begin to understand the phenomenon of interest; also provides initial information when the problem lacks any clear definition.
