8.2 marketing research
Ethan, Reid, and mason
What is marketing reserch
Marketing research- Process of planning, collecting, and analyzing data.
-provides info about consumers, products, services, brand awareness, prices, etc
steps in marketing reserch
-market research involves a scientific approach to decision making.
-This step by step method is used to collect accurate and meaningful data
-intro faze of marketing research process involves a clear and precise understanding of the problem at hand
-research design is the plan that specifies how the marketing research process will be implemented
-data may be collected through surveys or questions asked
-target market must be clearly defined to avoid sampling errors
-once info is collected it should be organized in a meaningful way.
-should prepare a written and oral report to present conclusions and recommendations to managment
Primary market reserch
-the process of collecting data for the first time to use in solving problems
- most common methods are the survey
-Primary market research is used to measure the effectiveness of an advertising method
secondary market reserch
Secondary market research -the process of collecting and analyzing data previously gathered for other purposes
-there are several advantages to secondary market research such as large amounts of secondary data are available online.
-most for free