MARK 302 Study Guide - Final Guide: Sampling Error, Simple Random Sample, Focus Group
19 Oct 2017
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Secondary data: data that has been previously gathered. Could be found internally (within the company) or externally (outside of the company): advantages of secondary data: cheaper, less time and more convenient. It may also clarify or redefine the problem, may provide solution, may provide sample frame: disadvantages of secondary data: lack of availability, lack of relevance, inaccuracy and insufficiency. Primary data: new data gathered to help solve the problem under investigation. Trend analysis: doing market tracking to analyze trends in industry volume and brand share over time. Behavioral targeting: to understand consumer"s habits, demographics and social networks in order to increase the effectiveness of online advertising. Estimating market potential and sales for geographic areas. Internal databases: collection of related info developed from data within the organization. Can be created from sales info, response to promotions, customers who have become members of brand communities. Database marketing: relies on customer"s profile and purchase patterns to create a targeted marketing mix.
