MKTG2010 Memory Aid.docx - Week 1 Problem Definition u2013...

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Week 1: Problem Definition – Phase 1: Step 1 – Identify and Clarify Information Needs To understand the problem researchers and decision makers must: 1. Agree on the decision maker's purpose for the research 2. Understand the complete problem situation 3. Identify measurable (observable) symptoms and distinguish them from the root problem 4. Select the unit of analysis 5. Determine the relevant variables (factors of interest). Step 2: Define Research Questions.Redefine the initial problem as a marketing research question. Research question should be stated in terms of how, what, where, when or why. I.e. What factors impact an individual’s intention to purchase Red Bull? Step 3: Specify Research Objectives and Confirm the Information Value.Should be based on the development of the marketing research question/s in Step 2. Exact and specific description of information requirements. Objectivesshould be practical, measurable and attainable. Marketing research objectives contain words such as: To determine, To compare, To measure, To rank, To establish, To rate, To explore, To identify. i.e. To determine consumer’s awareness of Red Bull ingredients. To confirm the information value the decision maker and the researcher must evaluate: Can the information be collected at all? Can the information tell the decision maker something not already known? Will the information provide significant insights? What benefits will be delivered by this information? Week 2:Conceptual Models: Involves developing a picture showing the relationships between variables. Terminology:Variable: An observable item that is used as a measure on a questionnaire. Construct: An unobservable concept that is measured by a group of related variables. Relationships: Associations between two or more variables. Independent Variable: The variable or construct that predicts or explains the outcome variable of interest. Dependent Variable: The variable or construct researchers are seeking to explain. Drawing Conceptual Modelsinvolves: Identifying the variables for your research. Specifying hypotheses and relationships. Preparing a diagram (conceptual model) that visually represents the relationships. Hypothesis: An empirically testable though yet unproven statement developed in order to explain a phenomena. Descriptive Hypotheses: Possible answers to a specific applied research problem (Younger customers believe our prices are too high). Causal Hypotheses: Theoretical statements about relationships between variables (Higher prices lead to lower sales). Positive Relationship: An association between two variables in which they increase or decrease together. Negative Relationship: An association between two variables in which one increases while the other decreases. Null Hypothesis: A statistical hypothesis that is tested for possible rejection under the assumption that it is true (There is no relationship between advertising expenditure and sales). Alternate Hypothesis

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