BA1090 - Chapter 4 (Market Research)

Marketing Research

The process of defining a marketing problem/opportunity, collecting and analyzing information, and recommending actions to reduce decision risk.

Five-Step Marketing Research Approach

A systematic process consisting of defining the problem, developing the plan, collecting info, developing findings, and taking actions.

Step 1 of Market Research

Define the problem by setting specific research objectives and identifying possible marketing actions.

Sampling

The process of gathering data from a subset of the total population rather than a complete census.

Secondary Data

Facts and figures that have already been recorded prior to the project at hand.

Primary Data

Facts and figures that are newly collected specifically for the project at hand.

Observational Data

Facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing methods.

Data Mining

The processing of large amounts of data using sophisticated software to find insightful correlations and patterns.

RFM Analytics

An analytical approach measuring Recency, Frequency, and Monetary value of customer transactions.

Sales Forecast

The total number of a product that a firm expects to sell during a specified time period under specified conditions.