Chapter 7 - Market Research,Decision Support, Sales

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Administrative Studies
ADMS 2200
Richard Patterson

Chapter Seven Notes Overview Collecting and managing information about what customers need and want is a challenging task for any marketer. Due to new database technologies, companies that collect data are compiled for them through their loyalty programs. Marketing research, by presenting pertinent information in a useful format, aids decision makers in analyzing data and in suggesting possible actions. Marketing research is the process of collecting and using information for marketing decision making. Marketing research Syndicated service is an organization that provides standardized data to all customers. Full-service research supplier is marketing research that contracts with clients to conduct complete marketing research projects. Limited-service research supplier is marketing research firm that specializes in a limited number of research activities, such as conducting field interviews or performing data processing. Exploratory research is the process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary resources. Sales analysis is an in-depth evaluation of a firm’s sales. Hypothesis is a tentative explanation for some specific event. Secondary data is previously published information. Primary data is information collected for a specific investigation. Sampling is the process of selecting survey respondents or research participants. Population is the total group that researchers want to study. Probability sample is the sample that gives every member of the population a chance of being selected. Nonprobability sample is a sample that involves personal judgement somewhere in the selection process. Interpretative research is observational research method developed by social anthropologists in which customers are observed in their natural setting and their behaviour is interpreted based on an understanding of social and cultural characteristics; also known as ethnography, or going native. Observation method is when researchers view the overt actions of subjects being studied. Survey method is when researchers must ask questions to get information on attitudes, motives, and opinions. Experimental method is the least used method out of the three. Mall intercepts is interviews conducted inside retail shopping centers. Focus group is simultaneous personal interview of a small group of individuals, which relies on group discussion about a certain topic. Controlled experiment is scientific investigation in which a researcher manipulates a test group and compar
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