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Lecture 5

2320 Lecture 5: Chapter 4- Market Research

4 Pages

Business Administration
Course Code
Business Administration 3301K
Angela White

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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
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