Describe the basic market research process
What will be an ideal response?
The market research process involves seven steps: defining the research problem, determining the research design, choosing the method to collect primary data, designing the sample, collecting the data, analyzing and interpreting the data, and preparing the research report. First, it must be clear what information management needs, or what problem they need to solve. The research design may rely on secondary research or primary research. The three types of primary research are exploratory, descriptive, and causal. Next, the method for collecting the primary data must be selected. Researchers can use different types of surveys or observation to collect the data that is required. Before data collection can begin, decisions about the design of the sample must be made. Researchers can use probability or nonprobability sampling. The next step is actually collecting the data as planned, which is followed by analyzing the data and then interpreting it in a research report.
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Which estate is of definite duration?
A. An estate at will B. An estate for years C. A freehold interest D. A periodic tenancy
You work for a retail clothing chain whose primary outlets are in shopping malls, and you are conducting an analysis of your customers and their preferences
You wish to find out if there are any particular activities that your customers engage in, or the types of purchases made in the month before or after purchasing select items from your store. To do this, you will want to use data mining software that is capable ofA) identifying associations. B) identifying clusters. C) identifying sequences. D) classification. E) forecasting.