Title: Explain the concept and importance of marketing research.
Course: Entrepreneurship, Advanced (12053-II) > Section: Marketing a Business

Explanation should include the concept that marketing research is the collection of information about

- competitors
- consumers
- products and services.

Marketing research can be descriptive, exploratory, or causal, and can be conducted through surveys, general research, statistical research, and industry research to gather primary and secondary data. Market research is used in planning a business and in the ongoing improvement of a marketing plan.

The lean startup methodology suggests that research is augmented by talking to customers and iterating based on feedback.

Process/Skill Questions:

- Why is marketing research important to the success of a business?
- What are examples of primary data? Secondary data? What is the difference between the two?
- How is marketing research data used?
- What costs are associated with marketing research?
- Who uses marketing research?
- What are the trends in marketing research?
- What are some limitations of marketing research?
- What is the difference between market research and marketing research?
- How does a business owner find out what kind of marketing information he/she needs to know?
- How has technology changed marketing research?