WAEC Past Questions and Answers - Page 2639

The systematic process of obtaining and analyzing data to provide information for marketing decision making is marketing research. Marketing research involves gathering relevant data and conducting analysis to gain insights into market trends, consumer behavior, competitors, and other factors that can inform marketing strategies and decision-making processes. It helps businesses understand customer preferences, identify market opportunities, evaluate marketing campaigns, and make informed decisions to meet customer needs and achieve business objectives.

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A source of primary data for marketing research is customer's feedback. Primary data refers to data that is collected firsthand specifically for the purpose of the research study at hand. Customer feedback can be obtained through surveys, interviews, focus groups, or other direct interactions with customers. This data provides direct insights into customers' opinions, preferences, experiences, and behaviors, which are valuable for understanding consumer needs, improving products or services, and making informed marketing decisions. Sales reports, inventory reports, and marketing budgets are typically considered secondary data sources as they are already existing data within the organization and may have been collected for purposes other than the specific research study.

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