Chp 8 Marketing Lecture Notes
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| Placing marketing research in perspective involves describing: | (1) what it is, (2) some difficulties in conducting it, and (3) the five steps marketers use to conduct it.
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| What is Marketing research | the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
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| Why do marketers conduct marketing research? | reduce the risk of marketing decisions.
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| Five-Step Marketing Research Approach | define the problem; develop the research plan; collect relevant information; develop findings; take marketing actions.
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| What are constraints, as they apply to developing a research plan? | Constraints in a decision are the restrictions placed on potential solutions to a problem, such as time and money.
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| Fisher-Price’s toy testing shows how to define the marketing problem and its two key elements | : (1) setting the research objectives and (2) identifying marketing actions suggested by the research.
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| What are research objectives | specific measurable goals a decision maker seeks to achieve in conducting the marketing research.
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| What is measures of success | criteria or standards used in evaluating proposed solutions to the problem.
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| If the objectives are too broad | problem may not be researchable.
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| If objectives too narrow | the value of the research results may be seriously lessened.
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| The second step in the marketing research process involves: | Specifying the constraints on the marketing research activity. Identifying the data needed for marketing decisions. Determining how to collect the data.
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| Common constraints in marketing problems are | limitations on the time and money available to solve the problem.
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| Two key elements in deciding how to collect data are | concepts and methods.
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| What are concepts | are ideas (a picture or verbal description) about products or services
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| What is new-product concept | a picture or verbal description of a product or service the firm might offer for sal
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| What is methods | the approaches that can be used to collect data to solve all or part of a problem.
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| Methods issues in developing your research plan include: | Can we ask consumers questions that they can answer? Is observing consumers’ behavior better than asking them questions? Can we observe behavior without biasing the results?
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| Special methods vital to marketing are: | sampling and Statistical inference
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| What is sampling | Involves selecting representative elements from a population, such as distributors, customers, or prospects, in order to ask them questions and Their answers are then treated as typical of that population.
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| what is Statistical inference | Involves drawing conclusions about a pop. from a sample taken from that pop. To draw accurate inferences, the sample should be representative of population. If the sample is not typical, bias can be introduced, resulting in bad marketing decisions.
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| What is the difference between secondary and primary data? | Secondary data are facts and figures that have already been recorded before the project at hand, whereas primary data are facts and figures that are newly collected for the project.
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| What are some advantages and disadvantages of secondary data? | Advantages of secondary data are the time savings and the low cost. Disadvantages of secondary data are that the data may be out of date, unspecific, or have definitions, categories, or age groupings that are wrong for the project at hand.
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