MKF2121 - Scattered Notes.pdf - Marketing research is the systematic and objective identification collection analysis dissemination and use of

MKF2121 - Scattered Notes.pdf - Marketing research is the...

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Marketing research is the systematic and objective – identification, – collection, – analysis, – dissemination, and use of INFORMATION! It is for the purpose of improving decision making related to – identification and – solution of problems and opportunities in marketing Problem Definition : broad statement of problem made up specific components. - Define management decision problem (Asks what the decision maker needs to do, action orientated, focuses on symptoms. Eg. How can American Idol increase viewership? How can HP increase its market share?)) -Define market research problem (What information is needed, information orientated, focuses on underlying causes eg. Determine television viewers preferences regarding talent shows, what is the customer looking for?). Defining the problem ” is about taking a vaguely defined problem faced by managers (MDP) and turning it into a well-defined, well-articulated and solvable problem for marketing research specialists (MRP) Characteristics of the management decision problem (MDP) • Asks what the decision maker needs to do • Action oriented • Focuses on symptoms • Vague • Not clear how to solve Structure of the Marketing Research Problem (MRP) • Overarching statement – A broad summary of your overall research goal • Specific components – Focus on the key aspects and provide clear guidelines on how to proceed further – Specific when, where, who, why, what and how statements about the problem areas that the research will investigate – Need to scientific and measurable Characteristics of the MRP • Asks what information is needed and how it should be obtained • Information oriented • Focuses on the underlying causes • Clearly defined and articulated • Can be answered by testing each RQ and H
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An approach consists of the following items • An analytical framework or model • Research Questions • Hypotheses • Specification of the Information Needed What is an analytical model or framework?
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