MARKET 1 Lecture Notes - Lecture 8: Factor Analysis, Test Market
Document Summary
It is always more advantageous and cheaper to answer a research question rather than using primary if you can get the same answer. Periodicals and books: bind coward index. Creative doing research on new products: can be difficult to do because they cannot conceptualize what it actually is. Realizes the interdependence of models and data. Acknowledges the cost and value of information. Market share: the way you determine marketing share is you use industry sales, express it as brand sales/industry sales (total sales) Trying to predict what sales will be. Expressed in either dollars or units sold. Typically covers 1 year period: determines what you"re going to do in terms of price, place and promotion. Market factor analysis: using a type of activity over here (unrelated) to predict our sales, firestone- # of sales in terms of placement retire sales. On avg people replace in 4 yrs and then they could come up with an overall forecast.
