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

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Janice Rudkowski

Document Summary

Marketing research is a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods and services. Step 1: define the research problem and objectives. Important to establish in advance exactly what problem needs to be solved. Correctly defining the problem is most important element. Some researchers say this is the most difficult step. Poor design arises from three major sources: basing research on irrelevant research questions, focusing on research questions that marketing research cannot answer, or addressing research questions to which the answers are already known. When conducting research, it is important to separate the symptoms of a problem from the actual problem. Researchers identify the type of data needed and determine the type of research necessary to collect it. The company observes customers to see how they actually enter the stores, interact with employees and consume the product.