MKT 100 Lecture Notes - Lecture 4: Cvs Caremark, Contrived, Fax

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Hamed Mehrabi

Document Summary

Marketing research consists of a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data. Mining internal data has helped the company: Offer price promotions (price) and other forms of direct communication. Marketing research process: define research problem and objectives. Determine specific information needs target customer characteristics, patterns of product use, demand factors, response to marketing channels, customer reactions to new product and projected sales etc. How should the information be obtained primary and secondary data: collect data. Observation useful to observe in-store behaviour, situational factors that affect decision making, customer-employee interaction. In-depth interviews an exploratory research technique in which trained researchers ask questions, listen to and record the answers, and the pose additional questions to clarify or expand on a particular issue. Social media are booming source of information for marketers, blogs in particular represent valuable sources of marketing research insight, and many large companies ha(cid:448)e added (cid:862)heads of social (cid:373)edia(cid:863) to their (cid:373)a(cid:374)age(cid:373)e(cid:374)t tea(cid:373)s.