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Lecture ch08 - Lecture Notes Textbook Chapter 8 Market...

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3/24/08 Lecture Notes Textbook Chapter 8 Market Research An “investment” to reduce uncertainty Can help guide decisions on Whether to enter Product characteristics Promotional strategy Positioning Must weigh costs and benefits of research Money Time spent No perfect method—tradeoffs between methods Market Research Sequence Research Sequencing More than one research method may be needed. “Parallel” studies can be done at the same time if needed E.g., need to know both attitude toward brand (questionnaire) and brand switching propensity (scanner data). Follow-up: One study is needed to address issues raised in a previous one. More general methods (e.g., focus groups) should be used first (e.g., to identify issues of concern). Subsequent studies can use more precise, less flexible methods (e.g., questionnaire, scanner data, physiological measures, or experiments to follow up on issues raised in earlier focus group). Primary vs. Secondary Data What are advantages and disadvantages of each? Primary – creation of specific studies to answer specific questions
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Primary Research Methods Surveys Forms Mail (self-administered, single time) Mail panel (self-administered, multiple surveys administered over time) Telephone (from central location) Mall Intercept Computer/Internet Planned questions Open-ended Closed-ended Need large sample sizes for precise conclusions Problem questions Leading (e.g. “ Don’t you agree that…?”) Ambiguous – not a clear question. Unanswerable – people will do their best to answer the question, but it won’t be correct. (e.g. “How much money do you spend on snacks per year?”) Two questions in one Non-exhaustive question – many people will check “other” but then won’t write in the blank what they are thinking of specifically to clarify (e.g. “What are the features you are looking for in a car?”)
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