MKTG1203 Lecture Notes - Lecture 5: Procter & Gamble, Neuromarketing, Ipsos
Document Summary
Marketing research defined: the systematic and objective process of generating information for aid in making marketing decisions. Why marketing research: reduce uncertainty, monitor competitors. Is it value for money: how big or small should the project be, defining the objectives and research needs, designing the research, data collection process, analysing data and developing insights, action plan and implementation. Step 2: designing the research: types of data, types of research. Step 3: data collection process: secondary data and primary data. Information is already there but might not be helpful. Is obtained through a dedicated market research effort. Analysing data and developing insights (continued: structured questionnaire, customer may not be able to tell you everything. If having an interview, the customer could talk about the customer service. Step 4: analysing data and developing insights: converting data into information to explain, predict and/or evaluate a particular situation. Step 5: action plan and implementation: executive summary, body, conclusions.
