Methods and Tools
Market Research
This is a systematic process used to understand a variety of market issues. It links the consumer, customer, and public to the marketer through information. This information is then used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes data, and communicates the findings and their implications.
Economic Impact Study
This is an assessment of the economic benefit or contribution of an industry, event, organization, or investment to a defined region’s economy. The benefits can be measured in both dollars and jobs. Economic impact studies use direct benefits and indirect benefits, such as secondary jobs and incomes that result from the direct benefits. Indirect benefits are determined through the use of multipliers.
Survey Methodology
This is the use of surveys and survey