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Lecture 4

MKT100 Lecture 4: Marketing Research | Ethics and Socially Responsible MarketingPremium


Department
Marketing
Course Code
MKT 100
Professor
Paul Gillespie
Lecture
4

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MKT100Lecture4MarketingResearch
LearningObjectives:
● Identifythefivestepsinthemarketingresearchprocess
● Describethevarioussecondarydatasources
● Describeprimarydatacollectiontechniquesandsummarizethedifferences
betweensecondarydataandprimarydata
VirtualRealityandMarketingResearch
● Advancedmarketresearchandtechnology
● Virtualsolutiontoolsareusedasamethodoftesting
○ BigcompanieslikeProctor&Gamble(P&G)relyonthistechnology
○ Thereareimprovedinsightsintoconsumerresponses
○ Thebettertheservice,thebiggertheprofits
MarketingResearch:
● Consistsoftechniquesandprinciplesforthoroughlycollecting,recording,
analyzingandinterpretingdatathatcanhelpdecisionmakersinvolvedin
marketinggoods,servicesorideas.
TheMarketingResearchProcess:
● Step1:DefineResearchProblemandObjectives
● Step2:DesigntheResearchPlan
● Step3:CollecttheData
● Step4:AnalyzeDataandDevelopInsights
● Step5:PresentActionPlan
SecondaryData:
● Canbefreeorcheaptogetholdof
● Externalsources:
○ censusdata,tradejournals,books,articles,reports
○ canalsobepurchasedfromspecializedresearchfirms
○ Disadvantage:maynotbespecificortimelyenoughtosolvetheresearch
needs
○ ScannerData:atypeofquantitativeresearchthatusesdataobtained
fromscannerreadingsofUPCcodesatcheckoutcounters
○ PanelData:informationcollectedfromagroupofconsumersovertime
● Internalsources:
○ Withinthecompany/firmitself
○ Invoices,customerlists,otherreportscreatedbythefirm
○ Firmsusedataminingtechniquestotranslatelargeamountsofdata
○ Disadvantage:maynotbethecorrectdatayouneed
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