Marketing Notes Exam 2 - Chapter 8: The Role of Marketing...

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Unformatted text preview: Chapter 8: The Role of Marketing Research: o Marketing Research: the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. Goal: identify and define both marketing problems and opportunities and to generate and improve marketing actions. Good marketing research is difficult because consumers do not know what they want, or are not willing to reveal all necessary information. o Five-Step Marketing Research Approach to Making Better Decisions: A decision is a conscious choice from among two or more alternatives. Step 1: Define the Problem o Set the Research Objectives: specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. The three main types of marketing research are: Exploratory research: provides ideas about a relatively vague problem Descriptive Research: involves trying to find the frequency that something occurs or the extent of a relationship between two factors. Causal Research: t ries to determine the extent to which the change in one factor changes another one. o Identify Possible Marketing Actions: Measures of success: criteria or standards used in evaluating proposed solutions to the problem. Step 2: Develop the Research Plan: o Specify Constraints Constraints: the restrictions placed on potential solutions to a problem (i.e. time and money). o Identify [Relevant] Data Needed for Marketing Actions o Determine How to Collect Data Concepts: ideas about products or services New-Product Concept: a picture or verbal description of a product or service a firm might offer for sale Methods: the approaches that can be used to collect data to solve all or part of a problem Sampling: selecting representative elements from a population o Probability Sampling: using precise rules to select the same such that each element of the population has a specific known change of being selected. o Nonprobability Sampling: uses arbitrary judgments to select the sample os that the chance of selecting a particular element may be unknown or 0. Statistical Inference: drawing conclusions about a population from a sample taken from that population. Step 3: Collect Relevant Information o Data: the facts and figures related to the problem Secondary Data: facts and figures that have already been recorded before the project at hand Primary Data: facts and figures that are newly collected for the project. o Secondary Data: Internal (originated inside the organization) Examples: detailed sales breakdowns and customer inquiries and complaints o Secondary Data: External (originated outside the organization) Example: Census Bureau o Advantages and Disadvantages of Secondary Data: Obtain secondary data first and then collect primary data Advantages: tremendous time savings and low cost Disadvantages: data may be out of date, the definitions or categories...
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Marketing Notes Exam 2 - Chapter 8: The Role of Marketing...

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