What is Marketing Research?

Marketing Research The process of getting the marketing information needed for determining what customers want

Data Types Primary Data Obtained for the first time and used specifically for a marketing research problem under study Survey, experiment, observation Secondary Data Data which has already been collected and used for some purpose other than the problem at hand Company reports and records

5-Step Marketing Research Process 1. Problem Definition 2. Obtaining Data 3. Analyzing Data 4. Recommending Solutions 5. Implementing Findings

Definitions Mass Market – Broad category of people Data Mining – Digging up data Population – a group of people Sample – part of the population that is assumed to represent the entire population

Why? Finding answers to key questions is the connection between developing the product and actually selling it to customers. Allows firms to structure their products and messages to customers

Most used by companies to do the following: Determine consumers’ attitudes and preferences Test product features Determine market size and growth potential Learn about competitive products Determine buying cycles Understand how the company is perceived by the public

Sports and Entertainment Few customers are undecided about where to spend their money. In sports and entertainment this is very competitive so we must therefore know what the customers want.