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 involves the process and methods used in collection of information, analysis, and reporting of findings related to the entire marketing strategy.

Explanation should include the importance of marketing research in the discovery and evaluation of business successes and opportunities within the business model and can be conducted through

- surveys
- general research
- statistical research
- industry research to gather primary and secondary data.

Market research involves identifying a specific target market to increase communication, identify opportunities and reduce risk by focusing resources where they will be most effective.

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?
- 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 the 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 collect?
- How has technology changed marketing research?
- How does a business decide which method(s) of marketing research to use?
- What careers are related to marketing research?