ALL - MKT 2 1 There are 7 steps in the marketing research...

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MKT 2 1. There are 7 steps in the marketing research project. The first step being to identify and formulate the problem/ opportunity. This is where management decision and marketing research come in. Marketing research can be used to evaluate product, promotion, and distribution, pricing alternatives. The second step is to plan the research design and gather primary data. The third step is to specify the sampling procedures. You would use probability and non-probability. The fourth step is to collect the data. You use primary data (survey, observation, experiment, ethnographic) and secondary data (traditional, internet). The fifth step is to analyze the data. You would use frequency counts, cross- tabulation, advanced statistical analysis. The sixth step is to prepare and present the report. The final step is follow up. 2. The advantages of survey research are that survey research allows people to obtain facts, opinions and attitudes. Surveys are versatile in that they can be large or small, expensive or cheap, in depth or general, and there is a wide variety of possible ways to conduct a survey. Different surveys can target certain samples of people and the wording of the questions or survey situation can help the researcher obtain specific information. 3. Secondary data should be used prior to primary data because it is possible that the information you are trying to obtain may have already be gathered by another source. Secondary data can save time and money, but it can also offer unique perspective on the problem at hand. It can present new methods for conducting the research and other types of data needed for solving the problem. It can also help to pinpoint people the kinds of people to approach and their locations. 4. Experiment is a method a researcher can use to gather primary data. By altering one or more variables price, package design, shelf space, advertising theme, advertising expenditures and monitoring the effects on another variable (usually sales). Therefore you can conclude that the changes in sales come from the variable you altered. The key factor is ensuring that all the aspects of the research remain constant expect the parts that the researcher wants to be manipulated. Constancy and consistency is the key to successful experiment conduction. 5. How has the internet changed the whole process of conducting market research? It allows for better and faster decision making though much more rapid access to business intelligence. It improves the ability to respond quickly to customer needs and market shifts. It makes follow-up studies and tracking research much easier to conduct and more fruitful. It slashes labor and time intensive research activities (and associated costs), including mailing, telephone solicitation, data entry, data tabulation, and reporting.
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