a. Market research is gathering information about customers, and public in order to make accurate decisions to develop marketing mix
b. 2 types of data are secondary & primary.
c. Marketers should start with secondary data, where they search for info that already exist somewhere such as on the Internet, or from within-organisation department records.
d. Then, marketers move on to primary data to suffice the remaining information needed if it’s not available from secondary data
e. Researchers do a survey or ask questions to customers themselves regarding the issue.
f. 3 methods of collecting data are observation, experiment, and survey
g. Observational research is observing/monitoring relevant people, actions & situations to obtain info that customers are unwilling/unable to provide such as using security cameras so it’s usually not detailed.
h. Survey is gathering descriptive information where researchers ask customers directly about knowledge, attitudes, preferences, etc. such as making a phone call or email
i. Experimental is testing hypothesis about cause & effect relationship, such as if the price is increased, how many people will buy it
2. Consumer Behavior
j. After the wants and needs are identified from MR, marketers need to find out about the factors influencing their choice to buy the product
k. There are internal & external factors
l. External include culture & social
m. Culture includes the set of values, perceptions, behavior etc. shared within the country such as religion, subcultures which is common life experiences and situations shared such as age, and social class which is the status within the society depending on the level of income, occupation, education
n. Social includes family and household which possess influence throughout the family generation, groups including reference groups such as friends, membership...