05 Marketing Research-Complete

How should we price a new product step1 dening the

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Unformatted text preview: heir needs and wants? to what extend are customers satisfied with our products? what is our brand image? –  Related to the marketing mix, e.g., •  •  •  •  which product design is most likely to be successful? where should our products be sold? in what media should we advertise our products? how should we price a new product? Step1: Defining the Objec)ves and Research Needs Three types of objectives •  Exploratory – to define the problem and suggest –  e.g., why are consumers reluctant to sit in a car in the Mercedes show room? •  Descriptive – to describe problems better –  e.g., how has market share of brand X developed over the past 3 years; what is the demographic profile of customers purchasing brand X •  Causal – to test hypotheses about cause-and- effect –  e.g., has market share of our brand been affected by the introduction of competing brand X Marke)ng research process Defining the Objec)ves and Research Needs Designing the Research Data Collec)on Process Analyzing Data and Developing Insights Ac)on Plan and Implementa)on Step 2: Designing the Research •  What information is needed and how is it What data to o- btained?collect and how? - What analyses transform data into high quality informa)on? l༆  Taking into account On- )me delivery Reliability Costs Representa)ve Validity Secondary vs. Primary Data Internal data (inside the firm) Secondary data •  Facts and Figures Already recorded prior to the project Data •  Facts & figures pertinent to the problem •  Financial statements, research reports files, customer letters, sales call reports, and customer lists External data (outs...
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