Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions to improve an organization's marketing activities. The chapter uses a four-step marketing research sequence that can lead to better decisions.
Defining the problem, step 1 in the sequence, involves setting the research objectives and identifying possible marketing actions.
Developing the research plan, step 2, requires identifying the data needed and determining how to collect it.
Collecting relevant information, step 3, includes considering pertinent secondary and primary data. Secondary data have been recorded prior to the project and include those pieces of information internal and external to the organization. Primary data are collected specifically for the project and are obtained by either observing or questioning people.
Information technology enables massive amounts of marketing data to be stored, processed, and accessed. Databases can be queried using data mining to find statistical relationships useful in marketing.
Delivering the final report is step 4. It involves analyzing data, presenting findings, and making recommendations to decision makers.
Three sales forecasting techniques are judgments of individuals, surveys of groups, and statistical methods.
