BUADChapter7 - Chapter7:MarketingResearch:...

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Chapter 7: Marketing Research: From Customer Insights to Actions  Marketing research: process of defining a marketing problem and opportunity, systematically  collecting and analyzing information and recommending actions  >reduces risk, improve marketing decisions Five-Step Marketing Research Approach Managers and researchers work to use more structured approaches to decision making:  act of  choosing from alternatives  1. Define the problem 1. Set research objectives  2. Identify possible marketing actions 1. Measures of success: standards in evaluating proposed solutions 2. Develop the research plan 1. Researcher should  1. specify the constraints on marketing research activity 1. constraints: restrictions placed on potential solutions  2. identify the data needed for marketing actions 3. determine how to collect the data  1. concepts: ideas about products or services  1. new-product concept: picture/verbal description of new product  2. methods: approaches that can be used to collect data to solve parts of problem 1. methods: sampling  > statistical inference (generalize to larger group) 3. Collect relevant information 1. obtain secondary, primary data  2. using knowledge to decide quickly  3. big data: combing vast amounts of information  1. primary: facts newly collected  1.
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  • Spring '08
  • McNutt
  • possible marketing actions, Average annual sales, Actions  Marketing research, Marketing outcome data

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