MKTG101 Lecture Notes - Lecture 3: Affinity Analysis, Garlic Bread, Data Mining
4 Aug 2018
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Document Summary
Business activity that discovers information of use in making marketing decision. Marketers often must provide a brief to market research agencies. Problem solving, identifying future o&t, ideas of how greater value can be o ered to customers, which products, how to communicate, evaluating e ectiveness. Only of value if the information acquired is able to contribute to improved performance. Market research - process that links the consumer, clients, partners and public to there marketer through information. Data originally gathered/recorded for a purpose other than to address the current market research problem, information that is already available. Sales records or customer pro les from business documents or information from abs. Data collected speci cally for the current market research project. Processing large data sets to identify patterns and trends not obvious or even discernible by observation. Example - market basket analysis - retailers seek to understand consumer purchase patterns - consumer purchasing fresh pasta also often purchase garlic bread.
