Management and Organizational Studies 2320A/B Study Guide - Midterm Guide: Competitive Intelligence, Léger Marketing, Data Mining

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Sean Hingston

Document Summary

Marketing research: a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas. Competitive intelligence: used by firms to collect and synthesize information about their position with respect to their rivals: enables companies to anticipate changes in the marketplace rather than merely react to them. Market research is relevant for all types of organizations (including governments, non- profits, political parties, etc. ) Customer lifetime value (clv): the expected financial contribution from a particular customer to the firm"s profits over the course of their relationship. Step 1: define the research problem and objectives. Once the research problem is defined, the marketers must specify the research objectives or questions to be answered. Poor designs arise from three major sources: basing research on irrelevant questions, focusing on research questions that marketing research cannot answer, addressing research questions to which the answers are already known.