Marketing Research Lecture Notes (4)

Flashcards summarizing key concepts from the marketing research lecture notes.

What is marketing?

Marketing is the act of getting your product to the consumer.

What is a market?

A market is a group of customers that are all different (heterogeneous).

What is marketing research?

Marketing research is gathering data about the market to learn about the market for the product.

What is the difference between the definitions of market research?

According to Wikipedia, a market research definition includes the action or effort needed and the business strategy; remaining competitive in the market.

In marketing research, what is the difference between Micro and Macro environments?

Microenvironments involve researching competitors, while Macroenvironments involve external factors - or what's happening in the general marketplace (socioculturally).

What should a marketing research report include?

Graphs and visualization in terms of communicating results is always good, along with written text.