1. Define marketing research (MR). 2. Why is MR important? How does it assist in

Question

1. Define marketing research (MR). 2. Why is MR important? How does it assist in understanding consumer decision making? 3. Specify some uses of marketing research and provide "1" marketing example. 4. Define Primary Data. How is it used in MR? 5. Define Secondary Data. How is it used in MR? 6. What kind of data can you get from Facebook? 7. How can Social Media be used by market researchers? Provide 1 marketing example. 8. List a few ways Primary data can be collected. 9. What is the difference between probability and nonprobability sampling? 10. List and briefly define the steps involved in conducting a MR project. 11. List some ways the Internet as facilitated MR. Provide at least "1" good marketing example.

Explanation / Answer

1) Market research is the one which helps to understand the need and behavior of the consumer.

2) It is very important for framing the pricing and promotion strategy of the product or service. It also involves in making the product w.r.t consumer needs.

3) Some uses of MR are,

Example: Brands doing MR for upgrading their product as per change in consumer preferences

4) Primary data is directly collected from the consumers. It is used as a main role in the MR as the data will help in framing major decisions for the brands.

5) Secondary data is collected through internet sources. It is used in MR as a base how the universe behaves with the usage of the product.

6) We can get secondary data from Facebook. We can get the customer personal details through interests in the facebook.

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