key words
Marketing Research
Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services.
Qualitative Research
Data-gathering techniques that are focused on the significance of observations made in a study rather than the raw numbers themselves.
What is marketing research?
Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services.
What are the two types of marketing research?
A. Quantitative
B. Qualitative data?
Economy
An organized way a nation provides needs and wants for its people.
Marketing Information System
A set of procedures and methods for the regular, planned collection, analysis, and presentation of information for use in making management decisions.
Reliability
Determines how consistently an instrument yields similar results under varying conditions. If a measure has high reliability, it yields consistent results.
What is marketing research used to determine?
a.The type, quantity, and features of the product to be produced.
b.The style of packaging to be adopted.
c.The size of the market, user characteristics, and growth potential.
List the 5 steps in the research process.
1. Purpose of research
2. Create the research design
3.Conduct the research
4. Process the data
5.Report the results
Resources
Inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship.
Observation Method
A method of data collection in which the situation of interest is watched and the relevant facts, actions, or behaviors recorded.
Secondary Data
The statistics not gathered for the immediate study at hand but for some other purpose.
What is the nature and scope of marketing information?
The nature of marketing information is a customer data-driven process that supports strategic decisions by providing insights into consumer behavior, market trends, and competitive landscapes
What are the 3 trends in marketing research.
1.Data
2. sosial media
3.Global marketplace
Factors of Production
The four main resources land, labor, capital, and entrepreneurship used to create goods and services.
Primary Data
The information collected specifically for the purpose of the investigation at hand.
Validity
The degree to which the instrument measures what it's supposed to measure.
What are the two types of research? Explain each type.
a. Primary research-Data was obtained for the first time and used specifically for the problem or issue being studied.
B.secondary research- Data has already been collected for a purpose other than the current study.
What are the 2 limitations in marketing research?
Marketing Research Analyst
Statistician
Marketing Research Analyst- gather data to help organizations make decisions about products and services.
Statistician- Statisticians come up with meaningful insights from raw data.
Entrepreneurship
When a person uses their own skills and money to make a business.
Quantitative Research
research that uses numerical analysis. In essence, this approach reduces the data into numbers.
Focus Group
A personal interview conducted among a small number of individuals simultaneously the interview relies more on group discussion than on a series of directed questions to generate data. It is also called group in-depth interview.
how can secondary research data be obtained?
A.internal sources
B.external sources
What is marketing information system?
tools and procedures for collecting, analyzing, and distributing marketing data to managers for decision-making
Command Economy
When the government makes all of the economic decisions.