Using sophisticated formulas, the MDSS pulls data from databases and winnows the mass of details to uncover trends and patterns. One application of MDSSs is to analyze the results of marketing efforts. D. Informal and Formal Marketing Research 1. Informal marketing research means gathering marketing data whenever the opportunity arises. Organization members simply collect data when possible, without waiting for a planned survey.
Employees often hear about something that competitors do better.
Formal marketing research is the use of planned research studies to gather specific marketing information. The process is circular, not linear. Marketing research can be complex. The marketing research process starts when you need facts and figures to solve a problem. A tentative explanation of the relationship between marketing elements, called a hypothesis , points toward a working explanation for what is happening.