CH 8 - marketing

CH 8 - marketing - 4 Open ended questions – allows...

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CH 8 1. Market Research – process of defining marketing problem and opportunity, systematically collecting and analyzing info and recommending action. Try to improve outcomes of decision by using more formal structured approaches to decision making 2. Five Step Approach a. Define problem – set objectives, identify marketing actions b. Develop research plan – specify constraints, identify data needed for marketing actions, determine how to collect it c. Collect relevant info – secondary data[already recorded], primary data, use info and data mine. Watching people. d. Develop findings – analyze data, present findings e. Take marketing actions – action recommendations, implement, evaluate 3. Primary data – asking people, surveys, individual interview, depth interviews, focus groups, experiments, panels, test markets
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Unformatted text preview: 4. Open ended questions – allows respondent to express opinion 5. Dichotomous question – yes/no 6. Closed-ended/fixed alternative – predetermined choices 7. Scale questions – semantic differential, liker scale[1-5] 8. Demographic questions – details about personal/household characteristics used to segment 9. Sales forecast – total sales of a product that a firm expects to sell during a specificied time period. Assumes environment conditions, consumer preferences, competition. Top down, build up, direct, lost horse. Asking people who are likely to know something about future sales 10. Sampling – select representative elements from population 11. Statistical inference – drawing conclusions from data sample...
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