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Marketing Research t is the collection and analysis of information that is used to solve a marketing
problem or understand the potential market.
Intuitive decision t is based on feelings and prior knowledge. It is made automatically and instinctively,
usually because the person making the decision has made many similar kinds of decisions in the past.
Hard Data t information that is supported by facts.
Marketing research is needed when the company decides on expanding the store or when strong
competitors enter the market. Marketing research firms provide business with professional researchers
Secondary data is marketing research information that has been gathered from sources that have been
published or gathered previously. Secondary research involves searching for this type of information and
because it is second-hand however; it is still used because it is less expensive. (E.g. books, periodicals,
indexes, internet, consultants, and marketing research professionals). This data can be used by any
business to help develop its marketing strategy and to assist its marketing executives in decision
marking and problem solving.
Primary data is information released by a researcher for a specific purpose. It is unanalyzed and current.
There are two types of primary research qualitative and quantitative. Qualitative research is used to
research primarily involves collecting data by surveying a representative sample of a target-market
population. These are used to make predictions about the opinions and behaviour of the entire target
Test marketing are sites that mirror the demographic composition of the country as a whole.
Internal information sources are sales records, inventory records, advertising and promotional records,
and production records.
x Sales records provide data about the popularity of products and show seasonal fluctuations
x Inventory records provide additional information on seasonal variations
x Advertising and promotional records contain data concerning the success or failure of certain
x Production records indicate peak ordering periods and downtimes.
Surveys are a set of carefully planned questions that are used to gather data. The survey can be written
or oral. Most surveys are closed-ended questions that limit the expression of the respondents. These are
^Ç_^v}_^uÇ_Ç}(µ]}vXKv-ended questions allow respondents to develop their own