University:
California State University, Northridge
Course:
SOM 120 | Basic Business Statistics
Academic year:

2023
Views:

8

Pages:

2
Author:

ayleenvasquez81

CLASS NOTES 9/10/22 Marketing research is the process of gathering and analyzing data for a business to determine its impact. Surveys, observations, focus groups, interviews, and secondary data are all examples of exploratory research that may employ secondary data. Why is market research required? Discovering and defining consumer wants allows businesses to create and implement these concepts and solutions. This aids in understanding and properly addressing your customers. Find out: what the underlying business issues are. Define: Identify problem-related strategic goals and objectives; Develop: Prototype and iterate potential solutions; Deploy: Apply and test solution 9/13/22 Why has marketing research risen to such prominence? You must constantly be aware of the demands and wishes of your clients in order to modify your business. The four main steps in conducting marketing research and their significance are as follows: This is crucial since it establishes the framework for the entire study and has the power to DESTRUCT it. either a current issue or an opening. Any issue presented by managers or marketers is a decision-related issue. If you can't locate it in the internal company data you have, try looking in secondary data (in the library or from other sources), and if that doesn't work, try looking in primary data. Data gathering: Data analysis and information dissemination Important: What potential issues exist? Learn-oriented - What? Why? ○ EXAMPLE Why are we not selling these bars, is the question at hand. How is it strategy-oriented? a series of moves Planned improvements: The proactive improvements the company wants to implement. Unplanned changes: shifts in the external environment, to which businesses frequently respond Decision Problem: Why has our user growth plateaued or declined? is one of Pandora's research issues. - Examine how satisfied current consumers are. - Examine the program's setup and operational variations; - List the app's lowest rated features; Compare and contrast the two free platforms. which one receives the most conversions Research opportunity for Verizon: What are the chances of Verizon entering this new market? - Examine how satisfied people are with the existing internet speed, price, and perception. - Evaluate how user-friendly the target market's product is. - Identify the current Comcast user difficulties - Look for incentive options

Class Notes: Exploring the Significance of Marketing Research in Business

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