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Unformatted text preview: Chapter 8 What is marketing research? The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions Improve outcomes of decisions by using more formal, structured approaches to decision making Overview of the Marketing Research Process: 5 Steps 1. Define the Problem 2. Develop the Research Plan 3. Collect Information 4. Develop Findings 5. Take Marketing Actions Overview of the Marketing Research Process: 5 Steps 1. Define the Problem a. Set the research objectives i. Objectives are specific, measurable goals ii. E.g., increasing sales, finding out why a product isnt selling well iii. Three kinds of research 1. Exploratory research : ideas about vague problems 2. Descriptive research : frequency of occurrence or extent of relationship 3. Causal research : extent to which one factor changes another b. Identify marketing actions i. Marketing actions will come from specific measures of success 1. i.e., criteria used in evaluating proposed solutions 2. Example: Measure of success : playtime a. Children played longer with old toy: keep design b. Children played longer with new toy: drop design 2. Develop the Research Plan a. Specify constraints i. Restrictions on potential solutions (time, money) b. Identify data i. No need for irrelevant information c. Determine how to collect data i. Concepts: ideas about products/services ii. Methods: approaches to data collection 1. Sampling a. Probability Sampling b. Nonprobability Sampling 2. Statistical Inference 3. Collect Information...
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- Spring '07