MKF2121 Week 02 Moodle.pdf - Lecture2 Lecture 2 Planning for Research Dr JunzhaoMa MKF2121 1 Marketing Research Methods A quick review of what we did

MKF2121 Week 02 Moodle.pdf - Lecture2 Lecture 2 Planning...

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Lecture 2 1 Lecture 2 Planning for Research Department of Marketing Dr. Junzhao Ma MKF2121 Marketing Research Methods 1 A quick review of what we did last week Step 1: Defining the Problem Step 2: Developing an Approach to the Problem Step 3: Formulating a Research Design Step 4: Doing Field Work or Collecting Data Step 5: Preparing and Analyzing Data Step 6: Preparing and Presenting the Report 2 The process - defining the problem and developing an approach 3 Management Decision Problem (MDP) Marketing Research Problem (MRP) Overarching statement Specific components Analytical Model Research questions Hypotheses Specification of the information needed Defining the problem Developing the approach How do I sell more products? How do I stop customers from leaving? Which segment should I target for my new products? Should I increase prices?
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Lecture 2 2 Structurally, Marketing Research Problem (MRP) consist of two things Overarching statement A broad summary of your overall research goal (often, this is the main underlying issue you are trying to understand) Specific components Focus on the key aspects of the MRP and provide clear guidelines on how to proceed further ( Often this is about different types of determinants/drivers of the focal issue) 4 There is not a single “right” MRP, as long as they are sensible and appropriate for the research context Examples of MRP Over-arching statement : to identify and study the key drivers of customers’ satisfaction with Crown Casino Components (i.e., what the drivers are) To investigate whether customers’ experience with Crown’s service influences their overall satisfaction To study whether the type of of gaming customers engage in affect their overall satisfaction with the casino To investigate the difference in satisfaction across customers of different socio-demographic groups To investigate the difference in satisfaction across customers of different consumption profile (e.g., casual vs. frequent gamblers; local vs. international gamblers) 5 To illustrate this graphically, 6 Customer satisfaction at Crown Experience with service Type of gaming Socio‐demographic segments Consumption profile Key Drivers / Compo nents
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Lecture 2 3 How do we go about formulate MRP? (i.e., where to find the key underlying issue and its main drivers)Did we consider ALL potential drivers/determinants of customer satisfaction at Crown?Why am I asking this question?
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