session 4 - Seat Chart B2 AA4 A3 B1 B4 C4 C3 A2 C2 C1 B3 A1...

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1 Seat Chart B2 B1 B4 B3 A A4 C4 A3 C3 A2 C2 A1 C1 Front Door Instructor
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2 Administration Marketing Math the logic underlying break-even analyses Welcome to come to my office hours or make appointment via email Marketing math/Breakeven practice questions on Blackboard, answer keys will be uploaded by the end of this week. Case cracking We will talk about case cracking later on Group information Check Email sent by the instructor on Jan 23 Check with the instructor in person Refer to Blackboard
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3 Marketing Management Qiang Liu Marketing Research “Collecting data is much like collecting garbage. You must know in advance what you are going to do with the stuff before you collect it.” Attributed to Mark Twain
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4 Why do research? How well do you know the average American consumer? 1. I went fishing at least once in the past year. 2. Information from advertising helps me make better buying decisions. 3. I like to pay cash for everything I buy. 4. I am interested in spices and seasonings. 5. I believe in the existence of the devil. 6. TV is my primary form of entertainment. 7. I would rather spend a quiet evening at home than go out to a party. 37% 60% 60% 71% 73% 51% 78% Source: Hoch, Stephen J.; “Who Do We Know: Predicting the Interests and Opinions of the American Consumer”; Journal of Consumer Research; Vol. 15, Dec 1988 Managerial intuition and experience are not sufficient to make risky and important marketing decisions. Human beings are limited and biased information processors.
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5 Marketing research links the firm to the market Marketing research answers critical business questions: Problem identification and diagnosis – what went wrong? Why? New product development – what should we offer? Evaluation of options – what should we do? Monitoring of performance – how did we do? Development of strategy – where do we go from here? Actions Information Data Firm Market Marketing Research
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6 Data collection Primary data are originated by the researcher for the purpose of the investigation at hand. Secondary data are not gathered for the immediate study at hand but for some other purpose and already exist somewhere. Fit your research better You can control quality Cost and time uneconomical Cost and time economical Problems of fit Problem of accuracy
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7
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8 Type of Research Increasing uncertainty Exploratory Research Descriptive Research Causal Research (Ambiguous Problem) (Aware of Problem) (Problem Clearly Defined) Will young people purchase more Pringles if
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session 4 - Seat Chart B2 AA4 A3 B1 B4 C4 C3 A2 C2 C1 B3 A1...

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