Mod 3

Question 1

Marketing Research

Answer 1

• Process of systematic gathering, recording, and analyzing data about customers, competitors, and the market
• What is happening in the market? What are the trends? Who are the competitors?
• How do consumers talk about the products in the market?
• Which consumer needs are important? Are the needs being met by current products?

Question 2

Primary Data

Answer 2

• Data collection that is tailored to the specific challenge or problem you are trying to address
• Qualitative research explores ideas, perceptions, and behaviors in depth with a relatively small number of research participants
• Quantitative research collects information that can be easily counted, tabulated, and statistically analyzed
o Typical primary marketing research techniques include behavioral observation, in-depth interviews, focus groups, social listening, survey research, and experimental research

Question 3

Secondary Data

Answer 3

• Source information that has been previously collected for other purposes (internal or external)