MKT 100 Midterm: Chapter 4

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Market research: a set of techniques and principles for systematically, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas. Step 1: define the research problem and objectives. Marketing research efforts and resources can be wasted if research objectives are poorly defined. Secondary data: pieces of information that have been collected prior to the start of the focal project include external and internal data. Syndicated data: data available for a fee from commercial research firms. Primary data: data collected to address specific research needs/questions currently under investigation; methods include focus groups, in-depth interviews and surveys. Reliability: extent that the same result is achieved when a study is repeated under identical situations. Validity: extent to which the study actually measures what it is suppose to. Sample: segment or subset of the population that adequately represents the entire population of interest. Sampling: process of picking a sample; opportunity to try before buying.