Management and Organizational Studies 1021A/B Lecture Notes - Lecture 8: Market Segmentation, Mass Marketing, Toothpaste

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Sarah Ross

Document Summary

Market research: the process of planning, collecting, and analyzing information in order to recommend actions to improve marketing activities. Reduce the risk and uncertainty of making poor business choices and provide managers with insight to help make sound decisions o o o o. Market information system (mis): a set of procedures and processes for collecting, sorting, analyzing, and summarizing marketing information on an ongoing basis to help manage the data. The data can become an important competitive advantage and a key marketing input for program development and assessment. Help marketers understand how elements impact its business, anticipate competitive moves, and predict consumer behaviour and preferences. Preliminary research conducted to clarify the scope and nature of a marketing problem. Designed to describe basic characteristics of a given population or to clarify its usage and attitudes (characteristics, frequency, consumer attitude) The 6-step market research approach: define the problem,, issue,, opportunity. Often posed as a question that needs to be answered.