Vocabulary:
Problem definition- When a business clearly identifies a problem or research issue and the information that is necessary to solve it.
Primary data- Data obtained for the first time and used specifically for the particular problem or issue under study.
Secondary data- Already collected for some purpose other than the current study.
Survey Method- A research technique in which information is gathered from people through the use of surveys or questionnaires.
Sample- A part of the population that is assumed to represent the entire population.
Observation Method- A research technique in which the actions of people are watched and recorded either by cameras or observers.
Point-of-Sale Research- A powerful form of research that combines natural observation with personal interviews to get people to explain buying behavior.
Experimental Method- A research technique in which a researcher observes the results of changing one or more marketing variables while keeping certain other variables constant under controlled actions.
Data Analysis- The process of compiling, analyzing, and interpreting the results of primary and secondary data collection.
Research Steps:
Step 1: Defining the Problem
Step 2: Obtaining Data
Step 3: Analyzing the Data
Step 4: Recommending Solutions to the Problem
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