MARK205 Lecture Notes - Lecture 2: The Incentive, Jargon, Proper Frame
Document Summary
Is there a real need for marketing research: not all decisions will require marketing research, research takes time and costs money, cost of information may outweigh value of information, managers often have the information. When is marketing research not needed: the information is already available for managers, the timing is wrong (e. g. too late) to conduct marketing research, costs outweigh the value of marketing research. Is the problem defined correctly: we can properly follow all of the marketing research steps after defining the problem and get the correct answers, only to realize that we have been asking the wrong questions all along. If the problem is defined incorrectly, the rest of the steps in the research process will be fundamentally flawed. Pepsi example - when expanding business to china, the tagline was pepsi brings you back to life in. English, and pepsi brings your ancestors back from the grave in chinese. Number of visits to website is slowing down.
