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MKTG Exam 2 Study Guide 6 7 8 9 10

Marketing research objective management decision

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Marketing research objective Management decision problem (basis for research) Steps in a Marketing Research Project Identify and formulate problem and opportunity Plan the research design and gather secondary data (chart error on p136) Specify sampling procedure Collecting primary data Analyzing data Conclusions and report Follow up Research Design Which research questions must be answered? How and when will data be gathered? How will the data be analyzed? Two Types of Data Primary data: information collected for the first time, used for solving the particular problem under investigation. Secondary data: information previously collected for any purpose other than the current one at hand Example: Primary vs. Secondary Data Volkswagen reintroduced the Beetle to the American market in 1998. To ensure the success of the new Beetle, VW spent millions of dollars hiring two marketing research companies to conduct consumer surveys to get data on consumers’ perception of the old Beetle. It also purchased business reports from companies such as JD Power & Associates to understand the American automobile markets. Which is which? Sources of Secondary Data Traditional Sources Internal corporate information Government agencies Trade and industrial organizations Commercial publications News media Marketing research firms Internet: search engines, directories, special interest groups, Internet discussion groups. Pros and Cons of Secondary Data Pros: Saves time and money if on target Aids in determining direction for primary data collection Pinpoints the kinds of people to approach Serves as a basis of comparison for other data Cons: May not give adequate detailed information May not be on target with the research problem Quality and accuracy of data may pose a problem 12
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Pros and Cons of Primary Data Pros: Answers a specific research question Data are current Source of data is known Secrecy can be maintained Cons: Expensive “Piggybacking” may confuse respondents Quality declines if interviews are lengthy Reluctance to participate in lengthy interviews Survey Research Most popular technique to collect primary data Interacting with people to obtain information Major formats: in-home interviews, mall intercept surveys, telephone interviews, mail surveys, executive interviews, focus groups Mail Survey Benefits Low cost and labor requirement Centralized control Anonymity for respondents Respondents have time to reply thoughtfully. Problems Low response rate; non-representative sample No one probes respondents to clarify or elaborate. Some issues related to mail surveys Whether and when to send reminder mails? Web/email surveys Focus Groups Type of survey research because participants are asked a series of open-ended questions Definition: seven to ten people who participate in a group discussion led by a moderator.
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