$6.$ iSeeit!: Market Research Process

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iSeeit!: Market Research Process

Market research is a detailed process through which marketers can improve the decision$-$making process by using more formal, structured approaches and information. By asking the right questions of the right people, marketers can gain insights into customers' wants and needs and take the necessary actions to grow a business. This holds true for Martha at The Coffee Collective. She is already successful within her local market but she wants to continually improve her offerings by hosting an open mic night for local musicians, storytellers, and activities. She decides to have Gabbie and Marco collect survey data as part of their marketing class assignment to see if her customers would want this new feature. While Gabbie and Marco both use a formalized process to design, collect, and analyze information from potential customers, they find mixed results from their surveys. After looking at the results, Martha decides not to offer this new feature at The Coffee Collective and instead focuses on providing the products, service, and coffee$-$drinking experience that her customers have come to expect.

Marketing research is the process of defining a marketing problem and opportunities, systematically collecting and analyzing information in order to recommend actions. This five$-$step process includes: $(1)$ defining the marketing problem, $(2)$ developing the research plan, $(3)$ collecting relevant information, $(4)$ developing findings, and $(5)$ taking marketing action to increase the effectiveness of marketing activities.

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$6$d$.$ Instead of using survey information...

Instead of using survey information, Martha decides she would rather use $\_\_\_\_\_\_\_\_$Blank to find hidden information within her customer relationship management database to discover links between spending habits and which types of entertainment should be marketed by The Coffee Collective.

Multiple Choice

data mining

indirect data purchases

buying inquiries

rebuy model statistics

external data