BUS340_Spring10_Understanding_Markets4

BUS340_Spring10_Understanding_Markets4 - Marketing...

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Marketing Management BUS 340 Understanding Markets
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Marketing Research What is the purpose of marketing research or marketing information?
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Customer Insights Customer insights: Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships. Firms use customer insights to develop competitive advantage. Customer insight teams are replacing traditional market research departments.
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The Marketing Research Process The Marketing Research Process: Defining the Problem Conducting Exploratory Research Formulating a Hypothesis Creating a Research Design Collecting Data Primary Data Secondary Data Interpreting and Presenting the Research Information
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Three Types of Research Exploratory research: Gathering preliminary information that will help define the problem and suggest hypotheses. Descriptive research: Generating information to better describe marketing problems, situations, or markets. Causal research: Testing hypotheses about cause-and-effect relationships.
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Developing the Research Plan Requires: Determining the exact information needed. Developing a plan for gathering it efficiently. Presenting the written plan to management. The research plan outlines: Sources of existing data. Specific research approaches. Contact methods. Sampling plans. Instruments for data collection.
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Secondary Data Secondary data: Information that already exists somewhere which has been collected for another purpose. Common sources of secondary data: Internal databases Commercial data services Government sources
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Primary Data Primary data: Consists of information collected for the specific purpose at hand. Primary data must be relevant, accurate, current, and unbiased.
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Primary Data Collection Designing a primary data collection plan involves making decisions related to the: Research approach: Observation, survey, behavioral, or experiment Contact methods: Mail, telephone, personal, or online Sampling plan: Sampling unit, sample size, and sampling procedure Research instruments: Questionnaire or mechanical instruments
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Observational Research The gathering of primary data by observing relevant people, actions, and
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BUS340_Spring10_Understanding_Markets4 - Marketing...

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