1 Helps reduce the uncertainty 2 collecting consumer input and feedback helps

1 helps reduce the uncertainty 2 collecting consumer

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1. Helps reduce the uncertainty 2. collecting consumer input and feedback helps the firm stay customer oriented 3. 4. - When to research or not o Will the research results be useful and provide new data and insights that we did not know before? o are top management willing to acknowledge the research results and support and abide by the recommended action plan o Is the research project valuable enough? (costs vs benefits) Marketing research process (chart) 1. Define research problem and objectives o Problem: What is the main issue we need to address? o Objectives: What information do we need to collect to address the issue? o The nature of each research problem dictates what information we need, and how we are collecting this information 2. Design the research plan o researchers identify the type of data need and how it will be collected 3. Collect data o Two main sources Primary data Secondary data 4. Analyse data and develop insights o Data: raw numbers or pieces of factual information that on their own have limited value to the marketer o Analyzing, organizing, and interpreting data is what gives meaning to data and turns it into information 5. Determine the action plan
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o The final step is to report research findings Executive summary Types of secondary data - Internal data o data that is already present I the company o sales, invoices, o Internal company sources A company - External data o data present through sources outside of the company o industry reports, statistics, journal articles o Some sources of secondary data are cheap and easily accessible but there are some disadvantages Can be outdated and incomplete can be biased and inaccurate o Syndicated data data available for a fee from commercial research firms scanner data: data from ups code readings at checkout counters in supermarkets Panel data: large marketing research firms have panels of customers who answer surveys and provide data about their purchase patterns Types of primary data - Helps the firm collect data that is tailored to its research needs, form participants who are relevant ot the research problem - primary research is more time consuming, and needs highly trained researchers to make sure the data is accurate - decide ofl 1. approach 2. The research tool you will use 3. How you will administer 4. The type of people - Sampling o Choose a sample of the population, a group of participants who represent the population, based on specific sampling criteria decide on the criteria, size and procedures (sampling technique) Chapter 8: Products
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Midterm - Test covers chapter 1 – 9 - 12:00 – 2:00 Chapter 1: Overview of marketing Chapter 2: Developing Marketing Strategies and a Marketing Plan Chapter 3: Analyzing the Marketing Environment Chapter 4: Consumer Behaviour Chapter 5: Business to Business Marketing Chapter 6: Segmentation, Targeting, Positioning Chapter 7: Market Research Chapter 8: Developing New Products Chapter 9: Product Branding and Packaging Decisions
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