Management and Organizational Studies 1021A/B Chapter : Textbook Notes - Feb 13.docx

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: James O' Brien

Document Summary

Information 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 business. Information presents itself to companies in two different ways: a marketing information system, market research projects. Market 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 decisions provide facts. The task of market research is to overcome these challenges and obtain accurate information with which marketers can make sounds decisions. Research can be classified into three basic areas: Research designed to describe basic characteristics of a give population or to clarify their usage and attitudes is known as descriptive research. The researcher has a general understanding of the marketing problem and is seeking more conclusive data that answers particular questions.