COMMERCE 2MA3 Chapter Notes - Chapter 7: Panel Data, Data Mining, Projective Test
26 Oct 2016
School
Department
Course
Professor
Document Summary
Marketing research is a key prerequisite to successful decision making; it consists of 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. When marketing managers attempt to develop their strategies, marketing research can provide valuable information that will help them make segmentation, positioning, product, place, price, and promotion decisions. Firms invest millions of dollars in marketing research every year. Canada"s market research industry is valued at just under a half-billion dollars. Marketers find research valuable as it helps reduce some of the uncertainty under which they currently operate. Successful managers known when research might help their decision-making and then take appropriate steps to acquire the information they need. Marketing research provides a crucial link between firms and their environments, which enables firms to be customer oriented because they build their strategies by using customer input and continual feedback.
