Class Notes (891,300)
CA (533,129)
Western (51,431)
3301K (25)
Lecture 5

2320 Lecture 5: Chapter 4- Market Research

4 Pages
117 Views

Department
Business Administration
Course Code
Business Administration 3301K
Professor
Angela White

This preview shows page 1. Sign up to view the full 4 pages of the document.

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
Chapter 4: Marketing Research: Marketers conduct market research, which helps them make better decisions in order to ensure their companys survival, continued growth and expansion E.D. Smiths marketing team feels strongly about talking directly with consumers. Interacting right in the aisle generates more genuine comments Marketing Research: A set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas Helps to reduce some of the uncertainty in which a company operates Provides crucial link between firms and their environments, which allows firms to be customer orientated because they build strategies by using customer input and continual feed back By constantly monitoring their competitors, firms can anticipate and respond quickly to competitive moves Ongoing marketing research can identify emerging opportunities and new and improved ways of satisfying consumer needs and wants from changes in the external environment The Marketing Research Process: Marketing research can be very expensive, and if the results wont be useful or management does not abide by the findings, it represents a waste of money Ex: Although, Whirlpool considered its research to be a worthwhile project, it was not particularly valuable to the firm because it continues to pursue a strategy that was contrary to its own research findings Researchers should choose the method that will provide them with the information they need at the lowest cost Step 1: Define The Research Problem and Objectives: Correctly defining the marketing problem is one of the most important elements of the marketing research process Once the research problem is defined, marketers must specify the research objectives or question to be answered Poor design arises from basing research on irrelevant research questions, focusing on research questions that marketing research cannot answer, or addressing research questions to which the answers are already known Step 2: Design The Research Project: Researchers identify the type of data needed and determine the type of research necessary to collect it 1.Secondary Data: Are pieces of information that have been collected prior to the start of the focal research project Might come from free of very inexpensive external sources such as census data Primary days are hose data collected to address the specific research needsquestions currently under investigation Sometimes secondary data are not adequate to meed researchers needs because the data initially was acquired for some purpose other than the research question at hand Syndicated Data: Data available for a fee from commercial research firms
More Less
Unlock Document
Subscribers Only

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
Subscribers Only
You're Reading a Preview

Unlock to view full version

Unlock Document
Subscribers Only

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit