MKT 100 Chapter Notes - Chapter 2: Panel Data, Data Analysis, Data Warehouse

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Tatiana A

Document Summary

Marketing research: a key prerequisite to successful decision making; it consists of a set of techniques and. Managers consider several factors before starting on a marketing research project: first: Will it provide insights beyond what the managers already know and reduce uncertainty associated with the project: second, both of the questions is the value of the research, marketing research can be very expensive. If the results won"t be useful or management does not abide the findings, it will be considered as a waste of money: third: Step 1: define the research problem and objectives. Research is both expensive and time consuming: it is important to establish in advance exactly what the problem needs to be solved. Correctly defining the problem is one of the most important elements of the marketing research process. This step is the most difficult of the marketing research process. Once the research problem is defined, marketers must specify the research objectives or questions to be answered.