[MKT 2221] - Final Exam Guide - Comprehensive Notes for the exam (40 pages long!)
Document Summary
Five step marketing research: step 1: define the problem (set the research objectives) Provides ideas about a relatively vague problems. Generally involves trying to find the frequency that something occurs or the extent of a relationship between two factors. The most sophisticated, tried to determine the extent to which: step 2: develop the research plan the change in one factor changes another one. Identify data needed for marketing actions and how to collect data: step 3: collect relevant information/data. Watching people - personal methods: mystery shopper, vidoetaping, ethnographic research. Asking people: questionnaire data, idea generation method, idea evaluation methods. Other sources: social networks, panels and experiments. Step 4: develop findings: analyze the data. What factors contribute to sales trends: present the findings. Step 5: take marketing actions: make action recommendations, implement the actions recommendations, evaluate the results. Market segmentation links market needs to organization"s marketing program. Why and how to segment markets: one-size-fits-all mass markets.
