Textbook Notes - Feb 13.docx

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Western University
Management and Organizational Studies
Management and Organizational Studies 1021A/B
James O' Brien

MOSTextbook Notes Chapter 5Market ResearchMarketing Information Systems and Market ResearchInformation is used by marketers to reduce the risk of making a poor decision so gathering the correct information and data is crucial to the smooth operation of a businessInformation presents itself to companies in two different ways o A marketing information system o Market research projectsMany companies have a marketing information system MIS which is a set of procedures and processes for collecting sorting analyzing and summarizing information on an ongoing basis o Collects information on market conditions competitive marketing actions and local sales figures and then analyzes it to provide a current market assessment What Is Market ResearchMarket research is formally defined as the process of collecting and analyzing information in order to recommend actions to improve marketing activities Can reduce the risk and uncertainty of making poor decisionsprovide factsThe task of market research is to overcome these challenges and obtain accurate information with which marketers can make sounds decisions Research Classifications Research can be classified into three basic areasExploratory researchDescriptive researchCasual researchExploratory ResearchPreliminary research conducted to clarify the scope and nature of the marketing problem is referred to as exploratory researcho It is generally carried out to provide the researcher with a better understanding of the dimensions of the problem o Often conducted with the expectation that subsequent and more conclusive research will followDescriptive ResearchResearch designed to describe basic characteristics of a give population or to clarify their usage and attitudes is known as descriptive researchThe researcher has a general understanding of the marketing problem and is seeking more conclusive data that answers particular questions
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