COMMERCE 2MA3 Lecture Notes - Lecture 7: Panel Data, Data Mining, Customer Service
18 Dec 2016
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Marketing research: key prerequisite to successful decision making; set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas. Provide valuable information that will help managers make decisions on: make segmentation, positioning, product, price, place, promotion. C2b and b2b buying behaviours: global marketing and cultural differences, new product development, branding, customer service. Can also assess the effectiveness of: pricing, promotions, product and service delivery strategies. Ca(cid:374)ada"s i(cid:374)dust(cid:396)(cid:455) (cid:448)alued at half-billion dollars: major players include angus reid, compas, ekos, also have foreign owned firms with offices in canada (nielsen canada) Importance of marketing research: reduce some of the uncertainty under which they currently operate. Also used by non-profit org. and government: eg. Politicians: media habits, what magazines you subscribe to so they can target you more affectively. Several questions asked before doing a market research project: Step 1: define the research problem and objectives.
