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Mkt Chap 8

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Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
The five step marketing research approach is a way of making decisions in marketing. The five steps include Defining the problem, developing the research plan, collecting relevant information, developing findings, and taking marketing actions.
Constraints in a decision are the restrictions placed on potential solutions to a problem such as limitations on time and money.
The difference between primary and secondary data is that primary data are facts and figures that are newly collected for the project, while secondary data are facts and figures that have previously been recorded.
Some advantages of secondary data are the time savings, and the low cost. disadvantages of secondary data include that the secondary data may be out of date and the categories might not be right for the researchers project.
The difference between observational and questionnaire data are that observational data can be collected by mechanical, personal, or neuromarketing methods, while questionnaire data are facts and figures that are obtained by asking people.
Personal Interview provides the greatest flexibility.
The difference between a panel and experiment is that a panel is a sample of consumers or stores from which researches take a series of measurements, while an experiment obtains data by manipulating factors under controlled conditions to test cause and effect.
Data mining differs from traditional marketing research because data mining is extracting information about someone through large databases, while traditional marketing research is analyzing information and recommending actions to improve an organization's marketing activities. In the marketing research for Tony’s pizza, a finding would be a drop in…...

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