Class07_HW_Assignment - 1. T he steps in the marketing...

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1. The steps in the marketing research process are: (1) Identifying and formulating the problem/opportunity: The first step in the research process involves the recognition of a marketing problem or opportunity. The purpose of this step is to determine what information is needed, how it can be most efficiently and effectively obtained, and subsequently, to provide information that can used to make a decision. For example, let’s presume that Pizza Hut’s market share drops from 10% to 5%, which is indicative of a problem. Pizza Hut may conduct market research in order to evaluate the 4 P’s, which are product, price, place (distribution), and promotion. Perhaps this leads them to the conclusion that their product (their pizza) isn’t being well-received by customers. During this stage they will also collect secondary data which will assist them in conducting a SWOT analysis and help them determine what specific questions need answering (e.g. “Why do customers not like our current sauce?”). (2) Planning the research design and gathering primary data: The research design will specify which research questions need to be answered, how and when the data will be collected, and how that data will be analyzed. Once the design has been approved, the project budget is typically finalized. If the collection of secondary data did not answered the research questions, primary data will be collected at this stage, which is most commonly done via survey research. For example, Pizza Hut may design a questionnaire based upon a Likert-type scale in which customers may rate their level of agreement with a number of statements, such as “I think Pizza Hut’s sauce is too spicy.” (3) Specifying the sampling procedures: At this stage, the researchers must determine what
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This note was uploaded on 08/21/2011 for the course BUSA 131 taught by Professor Mcenroe,celia during the Summer '11 term at Northampton Community College.

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Class07_HW_Assignment - 1. T he steps in the marketing...

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