MCS 1000 Lecture Notes - Lecture 8: Financial Statement, Scientific Method

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Peter Kim

Document Summary

Marketing research: the process of defining a marketing problem or opportunity, systematically collecting and analyzing information, and recommending actions to improve an organizations marketing activities. Attempts to identify and define both marketing problems and opportunities and generate and evaluate marketing actions. Can provide few answers with complete assurance. Can reduce risk and uncertainty to increase the likely of the success of marketing decisions. Can solve most marketing related problems that an executive might have. Should not be designed to simply replace an executives good sense, experience or intuition but rather should be used in conjunction with those skills and as a way of taking out some guesswork in marketing decision processes. Helpful to categorize marketing research to understand the variety. Often classified on the basis of either technique or function. Categorizing research by its purpose or function shows how the nature of the marketing problem influences the choice of research techniques.