RMG 400 Lecture Notes - Data Mining

• School: Ryerson University
• Department: Retail Management
• Course: RMG 400
• Professor: Bharat Sud

Document Summary

Marketing research the systematic process of gathering, recording, and analyzing information about marketing-related problems. What is the purpose of conducting marketing research: understand environment, understand customers/develop customer profile, analyze competition, build forecasts. Data: primary collection of new information, secondary collection of information already out there. Independent: salaried or fixed-fee, commission or merchandise-broker, store-owned. Determine if you need a buying office: check references and merchandise lines carried, fit with your needs, firm size, fees. Marketing trends in the market must be constantly be monitored to know exactly what to order. Important trends to monitor: sales levels, store traffic, staple i tems www. notesolution. com. Demographics: marital status and birthrates, households, age groups and spending patterns, ethnic origin. At age 65, baby boomers say they will purchase: Legal counsel 78: health care 93, computer-related products 80, financial consultants 74, recreation-focused products 73, entertainment 71, retirement housing 67, fitness-focused products 57, travel consultants 53% Lifestyle trends: busy lifestyle = tries to save time, computer junkies.