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Marketing research class lectures_84427426-Marketing-Research

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Marketing Research
Managers need information in order to introduce products and services that create
value in the mind of the customer. But the perception of value is a subjective one, and
what customers value this year may be quite different from what they value next year.
As such, the attributes that create value cannot simply be deduced from common
knowledge. Rather, data must be collected and analyzed. The goal of marketing
research is to provide the facts and direction that managers need to make their more
important marketing decisions.
To maximize the benefit of marketing research, those who use it need to understand the
research process and its limitations.
Marketing Research vs. Market Research
These terms often are used interchangeably, but technically there is a difference.
Market research deals specifically with the gathering of information about a market's
size and trends. Marketing research covers a wider range of activities. While it may
involve market research, marketing research is a more general systematic process that
can be applied to a variety of marketing problems.
The Value of Information
Information can be useful, but what determines its real value to the organization? In
general, the value of information is determined by:
The ability and willingness to act on the information.
The accuracy of the information.
The level of indecisiveness that would exist without the information.
The amount of variation in the possible results.
The level of risk aversion.
The reaction of competitors to any decision improved by the information.
The cost of the information in terms of time and money.
The Marketing Research Process
Once the need for marketing research has been established, most marketing research
projects involve these steps:

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1. Define the problem
2. Determine research design
3. Identify data types and sources
4. Design data collection forms and questionnaires
5. Determine sample plan and size
6. Collect the data
7. Analyze and interpret the data
8. Prepare the research report
Problem Definition
The decision problem faced by management must be translated into a market research
problem in the form of questions that define the information that is required to make the
decision and how this information can be obtained. Thus, the decision problem is
translated into a research problem. For example, a decision problem may be whether to
launch a new product. The corresponding research problem might be to assess whether
the market would accept the new product.
The objective of the research should be defined clearly. To ensure that the true decision
problem is addressed, it is useful for the researcher to outline possible scenarios of the
research results and then for the decision maker to formulate plans of action under each
scenario. The use of such scenarios can ensure that the purpose of the research is
agreed upon before it commences.
Research Design
Marketing research can classified in one of three categories:
Exploratory research
Descriptive research
Causal research
These classifications are made according to the objective of the research. In some
cases the research will fall into one of these categories, but in other cases different
phases of the same research project will fall into different categories.
Exploratory research has the goal of formulating problems more precisely,
clarifying concepts, gathering explanations, gaining insight, eliminating
impractical ideas, and forming hypotheses. Exploratory research can be
performed using a literature search, surveying certain people about their
experiences, focus groups, and case studies. When surveying people,
exploratory research studies would not try to acquire a representative sample,
but rather, seek to interview those who are knowledgeable and who might be
able to provide insight concerning the relationship among variables. Case studies

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Marketing Research Managers need information in order to introduce products and services that create value in the mind of the customer. But the perception of value is a subjective one, and what customers value this year may be quite different from what they value next year. As such, the attributes that create value cannot simply be deduced from common knowledge. Rather, data must be collected and analyzed. The goal of marketing research is to provide the facts and direction that managers need to make their more important marketing decisions. To maximize the benefit of marketing research, those who use it need to understand the research process and its limitations. Marketing Research vs. Market Research These terms often are used interchangeably, but technically there is a difference. Market research deals specifically with the gathering of information about a market's size and trends. Marketing research covers a wider range of activities. While it may involve market research, marketing research is a more general systematic process that can be applied to a variety of marketing problems. The Value of Information Information can be useful, but what determines its real value to the organization? In general, the value of information is determined by:        The ability and willingness to act on the information. The accuracy of the information. The level of indecisiveness that would exist without the information. The amount of variation in the possible resul ...
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