Distinguish between primary
and secondary marketing
research.
and secondary marketing
research.
2 types of Secondary Data
What is Internal and External
May be out of date and May be incomplete
What is Disadvantages of Secondary Research
Is needed to make numerous marketing decisions each year
What is Businesses Need Data
Developing product strategies
What is Ways Marketers Use Data
Sources of Primary Data
What is customers, employees, managers, and vendors
Exist in the company’s in-house information system
What is Internal Data
Not as much familiarity and Less control
What is Disadvantages of Outsourcing Marketing Research
Data that can be verified
What is a fact
The 4 P's of Marketing
What is Product, Place, Price, and promotion
Approximations or educated guesses
What is estimates
Government statistics and media reports
What is External Data
Can make it difficult to find appropriate respondents
What is Disadvantages of Primary Research
3 types of data
What is facts, estimates, and predictions
How much of the product to buy or create
What is to developing place strategies
Used to make predictions or test hypotheses
What is Quantitative Data
Collected for the specific research project at hand
What is Primary Data
Allows marketers to interact personally with respondents
What is advantages of primary research
Must have data on hand for the best choices
What is Businesses Need Data
Estimating costs for each product and allocating funds accordingly
What is making budgeting decisions
Sharing data throughout distribution channel can help everyone
What is Suppliers and distributors
Based on thoughts, feelings, opinions, experiences and used to establish priorities
What is Qualitative Data
Access to a wide variety of data and industries
What is Advantages of Outsourcing Marketing Research
Projections or forecasts about the future
What is Predictions
Make more cost-effective decisions and boost profitability
What is the Impact of Data on Marketers
Knowing where products are selling, how sales stack up to goals, budgets, and competitors
What is a Salesperson