1.Identify the reason for conducting marketing research.
Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. Marketer conduct marketing research to reduce the risk of and thereby improve marketing decision, also, it can be used to help a firm develop its sales forecasts. Marketing research must overcome many difficulties and obtain the information needed so that marketers can make reasonable estimates about what consumers want and will buy.
2.Describe the five step marketing research approach that leads to marketing actions.
The systematic marketing research approach used to collect information to improve marketing decisions and actions includes five steps. The first step is defining the problem and the two key elements of this stop is setting the research objectives which are specific and measurable goals, and identifying possible marketing actions based on the measure of success. The second step in the marketing research process is developing the research plan which requires that the researcher specify the constrains on the marketing research activity, identify the data needed for marketing actions, and determine how to collect the data. The third step is collecting relevant information which can be used to make a rational, informed marketing decision. Secondary data and primary data are considered in collecting relevant information. The fourth step is developing findings which involves analyzing the data carefully and presenting the findings that should be clear and understandable of the research. The last is tacking marketing actions, which includes making action recommendations, implementing the action recommendations, and evaluating the result.
3.Explain how marketing uses secondary and primary data.
Secondary data are facts and figures that have already been recorded prior to the project at hand. Secondary are...
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