Management and Organizational Studies 1021A/B Chapter 5: MOS 1021 Consumer Behaviour Chapter 5 Summary

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: James O' Brian

Document Summary

Market research used to help provide insights into lives of consumers, make better decisions & provide clear direction. Research should be evaluated on basis of value it brings to organization. Marketers need to have a vision & use market research to make smarter decisions. Deciding what research results mean & how they can be applied. Successful research needs vision, hypotheses, instincts & energy. Best researchers have diverse backgrounds, rooted in areas other than research, that give them mental flexibility & creative thinking skills. Information is competitive advantage, key marketing tool & strategic benefit. Need to know state of economy, moves of competitors, customers wants/needs. Gathering correct info/data is crucial to smooth operation. Marketing information system (mis): set of procedures/processes for collecting, sorting, Information presented in market research projects & marketing info systems analyzing & summarizing information on an on-going basis: market conditions, competitive marketing actions, local sales figures etc, market research projects answer questions not answered by mis.