24210 Lecture Notes - Lecture 2: Data Mining
Document Summary
Market research: discuss the importance of market research as a basis for marketing decision making. Market research: essential component for understanding the market. Only of value if it can contribute to improved performance. Informs many types of decisions about marketing segmentation, sales performance, attitudes and behaviour, four p(cid:495)s. Research methodology (design how to answer the question) Availability of resources (incentives = high costs) Need for new information (not always necessary abs) Cost/benefit analysis: define a research problem and prepare a brief. Research problem: the question that the market research project is intended to answer. (clearly specified = good marketing decisions) Introduction (why research needs to be conducted/who) Time/budget (amount marketer is able to spend, deadlines) Reporting schedule (format, progress reports-start taking action) Appendices (additional background info: outline the issues in research design, role of primary/secondary data and the uses of quantitative/qualitative research. Research design: detailed methodology created to guide the research project and answer the question (hypothesis-explanation can be tested)
