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Mkt 441 Week 1 the Importance of Market Research

Autor:   •  November 21, 2017  •  830 Words (4 Pages)  •  713 Views

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Ascertain Data Varieties and Foundations

Another way ESBF lowers costs is through the use of secondary data internally and externally. There are many past programs that are similar to future programs. The market research done for the past programs offers valuable effortless data for the future programs. ESBF also uses the government census as a secondary data source. In conjunction with secondary data primary data is also used. Indicators like motivation, behavior, awareness and knowledge, lifestyles, intentions, attitudes and opinions, and socio-economic and demographic attributes are determined (Quick MBA 1999-2010).

Evaluate and Translate the Data

Once all data is confirmed ESBF must correct all errors and alleviate them. Then the data is coded. A cross tabulation is created. This system separates the sample into sub-categories to demonstrate the variations between categories. The evaluation should reveal important variables that maintain if the launching of the new program is lucrative (Quick MBA 1999-2010).

Organize the Research Testimony

This last step is organizing all previous steps and combining them into a concise testimony. Tests of statistical analysis are many times done such as ANOVA, discriminant, factor, and cluster analyses. These tests can delve into the plotted data even further and unveil skewed data (Quick MBA 1999-2010).

ESBF conducts market research on each and every potential service program. It does not promise that the service program will succeed. However, it does many times prevent ESBF from beginning service programs that are revealed during market research to be unprofitable and the findings during each market research interval can be used as secondary data for future market researches.

References

McDaniel Jr., C., & Gates, R. (2007). Marketing Research. Retrieved from The University of Phoenix eBook Collection database.

Quick MBA. (1999-2010). Market Research. Retrieved from http://www.quickmba.com/marketing/research/

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