Chapter 8 Notes - Chapter 8 Notes Marketing Research From...

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Chapter 8 Notes Marketing Research: From Information to Action Movie Risks Filmmakers want movie titles that are concise, attention-getting, and capture the essence of the film, and have no legal restrictions. The Role of Marketing Research What is Marketing Research? Marketing Research : process of collecting and analyzing information in order to recommend actions. o Helps reduce risk and uncertainty. Why Good Marketing Research is Difficult Need to obtain as much information as needed to make reasonable estimates about what consumers will or won’t buy. Four-Step Marketing Research Approach Define problem o Set research objectives, identify possible marketing actions. Develop the research plan o Identify data needed for marketing actions, determine how to collect data. Collect relevant information o Secondary data, primary data. Deliver the final report o Analyze data, present findings, make recommendations. Step 1: Define the Problem Set the Research Objectives Objectives are specific, measurable goals the decision maker. o Increasing sales and profits, discovering what consumers are aware of and want, finding out why a product isn’t selling well. Identify Possible Marketing Actions Measures of Success : criteria or standards used in evaluating proposed solutions to a problem. Marketing researchers spend so much time in defining a marketing problem precisely and writing a formal proposal that describes the research to be done. Step 2: Develop the Research Plan Identify Data Needed for Marketing Actions Collecting data relevant to marketing decisions. o IE Fisher-Price Telephone: collect data that helps managers make a clear choice between different telephone designs. Determine How to Collect Data Concepts Concepts are ideas about products or services. New-product concept: developed in order to find out a consumer reaction to a new product.
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