Exam #3 Study Guide

Exam #3 Study Guide - Chapter 8 Marketing Research From...

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Chapter 8 – Marketing Research: From Customer Insight to Actions THE ROLE OF MARKETING RESEARCH Market Research – the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. The challenges in doing good marketing research: Possibility of customers buying a unique new product (never thought of before) Will customers be honest when asked personal questions Will customers purchase reflect their stated interest or intentions Five-Step Marketing Research Approach Decision – a conscious choice from among two or more alternatives Decision-making – the act of consciously choosing from alternatives STEP 1: Define the problem Set the research objectives – These are specific and measurable goals of the decision maker. There are three main types of marketing: 1. Exploratory research – provides ideas about a relatively vague problem. 2. Descriptive research – involves trying to find the frequency that something occurs or the extent of a relationship between two factors. 3. Causal research – this is the most sophisticated type of research, it tries to determine the extent to which the change in one factor changes another one. Identify possible marketing actions Measures of success – the criteria or standards used in evaluating proposed solutions to the problem. STEP 2: Develop the research plan Specify constraints on the marketing research activity – constraints are the restrictions placed on potential solutions to a problem. These limits can include time, money, and human resources. Identify the data needed for marketing decisions – this focuses on collecting data that helps managers make a clear choice between alternatives. Determine how to collect data – Two key elements that help decide how to collect data are concepts and methods. Concepts – ideas about the products or services New-product concept – a picture or verbal description of a product or service the firm might offer for sale. Methods – approaches that can be used to collect data to solve all or part of the problem. Special methods that are vital to marketing include:
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- Sampling – a technique to select a group of distributors, customers, or prospects and treating the information they provide as typical of all those in whom they are interested. - Statistical interference – generalizes the results from the sample to much larger groups of distributors, customers, or prospects to help decide on marketing actions. STEP 3: Collect relevant information The purpose of collecting relevant information is to make a rational, informed marketing decisions. Either you use your knowledge to make the decision immediately or you collect enormous amounts of information at a great expense.
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