Chapter 8 - THE ROLE OF MARKETING RESEARCH What is...

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THE ROLE OF MARKETING RESEARCH What is Marketing Research? Marketing research - the process of defining a marketing problem and  opportunity, systematically collecting and analyzing information, and  recommending actions Broad Goal: identify and define both marketing problems and opportunities and to  generate and improve marketing actions Reduces risk and uncertainty to improve decisions Why Good Marketing Research Is Difficult Difficulties in asking consumers about new, unknown products o Brand new products- consumers are not likely to know if they have never  bought o Personal hygiene- not likely to reveal honest o Actual purchase behavior may be different than stated interest or intentions Task to overcome these difficulties and obtain information needed to make  reasonable estimates about buying behavior 5 Step Marketing Research Approach to Making Better Decisions Decision - a conscious choice from among two or more alternatives Improved by using more formal, structured approaches to  decision making o The act of consciously choosing from alternatives
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Chapter 8 - THE ROLE OF MARKETING RESEARCH What is...

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