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Mgm 301 Exam 2

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Marketing Research→ the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

• Know what Exploratory research—provides ideas about a relatively vague problem It is best done through in-depth interviews, focus groups,
• Descriptive research—generally involves trying to find the frequency that something occurs or the extent of a relationship between two factors
• Know what Causal research—tries to determine the extent to which the change in one factor changes another one It is done through Experiments. o Step 3: Collect relevant information
• Secondary data—facts and figures already recorded prior to the project
• Internal data (inside firm)—financial statements, research reports, files, customer letters, sales call reports, and customer lists
• External data (outside firm)—U.S. Census reports, trade association studies and magazines, business periodicals, and Internet-based reports
• Primary data—facts and figures newly collected for the project
• Observational data (watching people)—mechanical methods, personal methods, neuro-marketing methods

• Learn the difference between Independent and dependent variables.
• The Independent variable is altered to cause changes in the dependent variable.
• Ex. Sales is a dependent variable and the stuff that cause changes in sales are independent.
• ***What does a researcher change…is the independent
Why Segment Markets?
• A business firm segments its markets so it can respond more effectively to the wants of groups of potential buyers and thus increase its sales and profits
• What Market Segmentation Means’ o Market segmentation—involves aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action
• To lead to tangible marketing actions that can increase sales and

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