Chapter_8-marketing - Chapter 8- marketing 3104 Marketing...

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Chapter 8- marketing 3104 Marketing Research - the process of collecting and analyzing information in order to recommend actions Fisher-Price has a marketing research nursery school where they have kids come play with their toys and they perform these 4 steps on marketing research to figure out what the kids really like and what ought to be changed. 4 steps to develop marketing actions 1) Define the problem 1) Set Research Objectives and Identify possible marketing actions. Typical objectives include increasing sales/profits, discovering what the consumers are aware of/want and finding out why a product isn’t selling well. 2) In Identifying possible actions to take, measures of success= (standards used in evaluating proposed solutions to problem) must be established. Different research outcomes lead to different marketing actions. You should make sure that the research shows that this is the case so that money is not wasted on needless research. 2) Develop the Research Plan: 1) Identify data needed for marketing actions: should pick data that helps managers make a clear choice between two designs 2) Determine how to collect the data: Concepts= ideas about products/services. To find out about how consumers will react to a potential new product, researchers develop a “new-product concept” that is a picture/verbal description of the product/service. Methods= approaches that can be used to collect data to solve all/part of a problem. For instance with Fisher-Price and the toy telephone. Should they just observe the children’s reactions to the toy or actually ask them questions about how they feel towards the toy? Could also use sampling and statistical inference to develop a marketing action. 3)
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This note was uploaded on 03/25/2008 for the course MKTG 3104 taught by Professor Ebcoupey during the Spring '08 term at Virginia Tech.

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Chapter_8-marketing - Chapter 8- marketing 3104 Marketing...

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