13 Formulation of Problem B Components of Problem Formulation 13 Formulation of

13 formulation of problem b components of problem

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1.3. Formulation of Problem
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B) Components of Problem Formulation: 1.3. Formulation of Problem
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B) Components of Problem Formulation: 1) The Decision-Maker and Objectives: The decision-maker may not always be represented by a single individual; marketing decisions may beamed by a marketing group of two or more people. Moreover, some members of the group may not agree with the choice made because of differences either in objectives or in their appraisal of effectiveness of means chosen to achieve the objectives. 2) Environment of the Problem : Every problem exists within a context of characteristics of the company and of the market-consumer tastes and preferences, level of income and the rate of growth in the market areas, the degree of competition and competitor action and reaction and the type and extent of governmental regulation. 3) Alternative Courses of Action: A course of action is a specification of some behavioral sequence, such as the construction of a new warehouse the adoption of a new package design the introduction of a new product. 1.3. Formulation of Problem
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B) Components of Problem Formulation: 4) The Consequences of Alternative Courses of Action : The world of uncertainty is a common world for the marketer. When choosing a course of action, a marketer can rarely be certain of the consequences, since the choice is usually based on incomplete information about the various factors that influence the decision’s outcomes. 5) State of doubt: To solve a problem is to select the best course of action for attaining the decision- makers objectives. A state of doubt as to which course of action is best can arise under three main classes of conditions: a) Certainty’ with respect to each course of action leading to a specific outcome. b) Risk with respect to each action leading to a set of possible outcomes, each outcome occurring with a ‘known' probability. c) Uncertainty’ with respect to outcomes given a particular course of action. 1.3. Formulation of Problem
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C) Translating Decision Problems to Research Problems: 1) Genesis of Problem: After the problem has been chosen, the next task is to formulate imprecisely. Genesis implies a clear statement or definition of the problem. A complete problem definition must specify each of the following: a) Bunch of Study: It includes the individuals or the objects whose characteristics are to be measured. Time and space boundaries these two universes define the suitable time reference and the vocational reference for the decision. 1.3. Formulation of Problem Genesis of Problem Research Problem Statement
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C) Translating Decision Problems to Research Problems: b) Characteristics of Interest: This aspect identifies the locus of the problem, both the ‘results' that are of concern to the management and the variables that are to be tested for their relationship to the results is included.
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