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Chapter 8 Marketing Research - Chapter 8 Marketing Research...

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Chapter 8 Marketing Research: From Information to Action *marketing research is the link between marketing strategy and decisive actions and to help a firm develop sales forecasts ROLE OF MARKETING RESEARCH Marketing Research- the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions Goal is to identify and define both marketing problems and opportunities and to generate and improve marketing actions Difficulties of marketing research- Do customers really know if they like a product they know nothing about Will customers give an honest answer about personal questions that they are asked Will a customers actions be the same as what they say during a survey *they must obtain information needed to make reasonable estimates about what consumers will or wont buy FIVE-STEP MARKETING RESEARCH APPROACH TO MAKING BETTER DECISIONS *provides a systematic checklist for making both business and personal decisions STEP 1: DEFINE THE PROBLEM 1. Set Research Objectives a. Objectives are specific measurable goals the decision maker seeks to achieve in solving a problem i. Ex. Increasing sales and profits, discovering and consumers are aware of and want, and finding out why a product isn’t selling (i.e. how it can be improved) b. 3 kinds of Research i. Exploratory research provides ideas about a relatively vague problem ii. Descriptive research generally involves trying to find the frequency that something occurs or the extent of the relationship between two factors iii. Casual research is the most sophisticated type and it tries to determine the extent to which the change in one factor changes another one (experiments and test markets) 2. Identify Possible Marketing Actions a. Measures of success are criteria or standards used in evaluation proposed solutions to a problem Different research outcomes lead to different marketing actions One test of whether marketing research should be done is if different outcomes will lead to different marketing actions
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If all research outcomes are the same then research is useless and a waste of time
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