MKT 100 Chapter Notes - Chapter 7: Jargon, Data Mining, Data Analysis

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

A set of techniques and principals for systematically collecting, recording, analyzing and interpreting data that air decision makers involved in marketing goods, services or ideas. The marketing research function links firms and organizations to their customer through data. By collecting data from customers, firm can better deliver products and services designed to meet their needs. The marketing research process: define research problem and objectives, design the research plan, collect data, analyze data and develop insights, present action plan. Step 1: define the research problem & objectives. Research is both expensive & time consuming, it is important to establish in advance exactly with problem needs to be solved. Clearly defining the problem and research objectives helps to keep the scope of the project in check. After researchers have defined the problem to be addressed, the second step is to design the market research plan. Researchers identify the type of data needed & determine the type research necessary to collect it.