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Marketing CH 8 - CHAPTER 8 MARKETING RESEARCH FROM...

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C HAPTER 8: M ARKETING R ESEARCH FROM C USTOMER I NSIGHTS TO A CTIONS The Role of Marketing Research 1) What is marketing research? a) The process of defining a marketing problem and opportunity, systematically collectively and analyzing information, and recommending actions. 2) The Challenges in Doing Good Marketing Research a) Marketing research must overcome difficulties and obtain the information needed so that marketers can make reasonable estimates about what consumers want and will buy. 3) Five Step Marketing Research Approach -Decision: a conscious choice from among two or more alternatives -Decision-making: the act of consciously choosing from alternatives. a) Step 1: Define the Problem a.i) Set the Research Objectives (a.i.1) Specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. (a.i.1.a) Three Main Types of Marketing Research Exploratory Research Descriptive Research Casual Research a.ii) Identify Possible Marketing Actions (a.ii.1) Develop specific measures of success , which are criteria or standards used in evaluating proposed solutions to the problem. b) Step 2: Develop the Research Plan b.i)Specify the constraints on the marketing research activity (b.i.1) Constraints: the restrictions placed on potential solutions to a problem b.ii) Identify the data needed for marketing decisions (b.ii.1) Example: favor color of Fish price phone is irrelevant.
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