MKTG1203 Study Guide - Final Guide: Data Mining, Isolated Point, Focus Group
Marketing Research
The Marketing Research Process:
• Defining objectives and research needs
o Research → expensive and time consuming
o Important to establish in advance what problem needs to be
solved
• Design the research
o Researchers identify the type of data needed
o Determine the research necessary to collect it
• Data collection process
o Secondary data → pieces of information that have been collected
prior to the start of the research project → internal and external
o Primary data → data collected to address specific research needs
o Must choose a sample group and generalize their opinions to
describe all customers with the same characteristics
• Analyzing data and developing insights
o Data → raw numbers or other factual information → limited value
to marketers on their own
o Information → when data is interpreted → results form
organizing, analyzing and interpreting data
• Action plan and implementation
o Analyst prepares the results and presents them to the appropriate
decision makers who undertake appropriate strategies
o Marketing research presentation → executive summary, body,
conclusions, limitations, appendices
Secondary Data:
• Might come from free/inexpensive external sources
• May not be specific or timely enough to meet needs
• Firms can purchase more specific secondary data
• Secondary data can be accessed through internal sources
• Inexpensive external secondary data
o Quickly accessed at a low cost
o E.g. ABS → provides a wide range of statistical data
o Not adequate to meet researchers’ needs → initially acquired for
another purpose
o Easy access doesn’t mean trustworthy → especially on internet
• Syndicated external secondary data
o Purchased external secondary data
o Available from commercial research flow
o Scanner data → used in quantitative research obtained from
scanner readings → identifies spending patterns/trends
o Panel data → collected from a group of consumers
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