SMG MK 323 Lecture Notes - Panel Data, Focus Group, Asda
Document Summary
10. 1 step 1: defining the objectives and research needs (marketing research process) Research is expensive and time-consuming so its important to establish in advance exactly what problem needs to be solved. Researchers assess the value of a project through a careful comparison of benefits of answering some of their questions and the costs associated with conducting the research. 10. 2 step 2: designing the research (marketing research process) Researchers identify the type of data needed and determine the research necessary to collect them. 10. 3 step 3: collecting the data (marketing research process) Secondary data = pieces of information that have been collected prior to the start of the focal research project. Includes external as well as internal data sources. Primary data = data collected to address specific research needs. 10. 4 step 4: analyzing the data and developing insights (marketing research process) Data = raw numbers and other factual information that have limited value to marketers.
