IBM 301 Lecture Notes - Lecture 9: Entscheidungsproblem, Simple Random Sample, Sampling Error
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20 Mar 2019
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Chapter 9: Marketing Research
The Role of Marketing Research
● Marketing research is the process of planning, collecting, and analyzing data relevant to a
marketing decision
● Descriptive: gathering and presenting factual statements
● Diagnostic: explaining data
● Predictive: addressing “what if” questions
Management Uses of Marketing Research
● Marketing research can help managers in several ways:
○ It improves the quality of decision making
○ It helps managers trace problems
○ It can help managers serve their customers accurately and efficiently
○ It helps managers gauge the perceived value of their goods and services, as well
as the level of customer satisfaction
Steps in a Marketing Research Project
1. Define problem
2. Plan design/primary data
3. Specify sampling procedure
4. Collect data
5. Analyze data
6. prepare/present report
7. Follow up
The Marketing Research Project
● Marketing Research Problem
○ Determining what information is needed and how that information can be
obtained efficiently and effectively.
● Marketing Research Objective
○ The specific information needed to solve a marketing research problem; the
objective should be to provide insightful decision - making information
● Management Decision Problem
○ A broad-based problem that uses marketing research in order for managers to take
proper actions
Secondary vs. Primary Data
● Secondary Data: Data previously collected for any purpose other than the one at hand
● Primary Data: information that is collected for the first time; used for solving the
particular problem under investigation
Sources of Secondary Data
● Internal corporate information
● Government agencies
● Trade and industry associations