Marketing ch 8-12

Marketing ch 8-12 - Chapter 8- Marketing Research: From...

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Chapter 8- Marketing Research: From information to action - Marketing research- process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions - 4- step marketing research approach 1- define the problem- set research objectives, identify possible marketing actions 2- develop the research plan- identify data needed for marketing actions, determine how to collect data 3- Collect relevant information- secondary data, primary data 4- Deliver the final report- analyze data, present findings, make recommendations - Objectives- specific, measurable goals - Measures of success- criteria or standards used in evaluating proposed solutions to a problem - Two key elements in deciding how to collect the data are 1- concepts- ideas about products or services - New product concept- picture or verbal description of a product or service the firm might offer for sale 2- methods- the approaches that can be used to collect data to solve all or part of a problem - Special methods vital to marketing include sampling (by selecting a group of distributors, customers, or prospects, asking them questions, and treating their answers as typical of those in whom they are interested) and statistical inference (used to generalize the results from the sample to much larger groups of distributors, customers, or prospects to help decide on marketing actions) - Data- the facts and figures related to the problem Secondary data- facts and figures that have already been recorded before the project at hand ( internal secondary data- product sales data, and sales reports on customer calls) (external secondary data- U.S. Census Bureau) - Advantages and Disadvantages: the tremendous time savings if the data have already been collected and published or exist internally and the low cost, greater level of detail, data may be out of date, definitions or categories might not be quite right for your project, data might not be specific enough for your project Primary data- facts and figures that are newly collected for the project. There are two ways to collect new or primary data- observing people and asking them questions advantages/ disadvantages: more specific to the problem being studied, far more costly, time consuming to collect · Observational data- facts and figures obtained by watching, either mechanically or in person, how people behave · Questionnaire data- facts or figures obtained by asking people about their attitudes, awareness, intentions, and behaviors - individual interviews- a single researcher asking questions of one respondent -depth interviews- researchers ask lengthy, free-flowing
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kinds of questions to probe for underlying ideas and feelings -focus groups- informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks their opinions about the firm’s and its competitors’ products, how they use these products, and special needs they have that these products don’t
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This note was uploaded on 03/30/2008 for the course MKTG 3104 taught by Professor Ebcoupey during the Spring '08 term at Virginia Tech.

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Marketing ch 8-12 - Chapter 8- Marketing Research: From...

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