MKT 100 Lecture Notes - Lecture 4: Tim Hortons, Marketing Ethics, Personal Information Protection And Electronic Documents Act

• 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: identify its highest value customers (targeting: redesign store layout (place, determine product assortment (product, offer price promotions (price) and other forms of direct communication (promotion) Results of projects don"t go beyond what is currently known within the company. Requires time and money which would be wasted if results provide no value for the company. Problem: the consequences of incorrect problem definition, ex. Facing declining sales assumption: advertisements are not effective may not resolve the real problem of the company. Determine specific information needs: target customer characteristics, patterns of product use. Mkt 100: demand factors, response to marketing channels, customer reactions to new product, projected sales, etc. How should the information be obtained: primary data, secondary data. Internal sources collected by company itself and collected in the past e. g. sales records.