BU352 Chapter Notes - Chapter 7: Stratified Sampling, Virtual Community, Cluster Sampling
Document Summary
Marketing research: set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing g/s or ideas. Valuable information that will help make segmentation, positioning, product, price, place, and promotion decisions. Key to understanding topics like consumer and b2b buying behaviour, global marketing and cultural differences, new product development, branding, and customer service, and for assessing the effectiveness of pricing, promotions, and g/s delivery strategies. Helps reduce uncertainty under which they currently operate. Marketing research provides crucial link between firms an their environments, which enables firms to be customer oriented b/c they build their strategies by using customer input and continual feedback. By constantly monitoring their competitors, firms can anticipate and respond quickly to competitive moves. Ongoing marketing search can identify emerging opportunities and new and improved ways of satisfying customer needs and wants from changes in the external environment.
