Answer: Students' answers to this question will vary. Primary data could come from a customer survey about the WWF and its mission or from a series of focus groups asking current customers how they might respond to the proposed relationship between the catalog and the World Wildlife Foundation. Secondary data could come from looking at reports on other companies engaged in similar promotions as well as internal sales records. Secondary data could also include published information on the WWF and its membership.Diff: 3LO: 4.3: List and explain the steps and key elements of the market research processAACSB: Application of Knowledge
143) Compare and contrast the structure and uses of exploratory research and descriptive research.Answer: Exploratory research can be used to generate ideas for future strategies or just to get a better handle on a problem a firm is experiencing with a product. These studies are usually small in scale and less costly than other research techniques. Exploratory research typically is qualitative, meaning that the results of the research project tend to be nonnumeric. The results might be verbal or visual information about consumers' attitudes, feelings, and buying behavior in the form of words rather than numbers. Descriptive research often follows exploratory research. Descriptive research is much more systematic, probing into a specific marketing problem and basing its conclusions on a much larger sample of participants. Descriptive researchis quantitative, meaning that results are expressed in numerical terms such as averages, percentages, or other statistics summarizing results from a large set of measurements. Diff: 3LO: 4.3: List and explain the steps and key elements of the market research processAACSB: Analytical Thinking144) Discuss the advantages of each of the main data collection methods.
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- Spring '16