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Lecture 5

2320 Lecture 5: Chapter 4- Market Research

4 pages117 viewsFall 2014

Department
Business Administration
Course Code
Business Administration 3301K
Professor
Angela White
Lecture
5

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Chapter 4: Marketing Research:
-Marketers conduct market research, which helps them make better decisions in order
to ensure their company’s survival, continued growth and expansion
-E.D. Smith’s 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 won’t 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 needs/questions
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
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