MKTG 341 Lecture Notes - Lecture 7: Decision-Making
20 Dec 2014
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Marketing research: the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. Marketers conduct marketing research to reduce risk and improve marketing decisions. Decisions: a conscious choice from among two or more alternatives. Decision making: the act of consciously choosing from among alternatives. 1: define the problem set research objectives; identify possible marketing actions. * research objectives: are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. * effective decision makers develop specific measures of success- criteria or standards used in evaluating proposed solutions to the problem. 2: develop the research plan- specify constraints; identify data needed for marketing actions; determine how to collect data. * constraints- the restrictions placed on potential solutions to a problem. * 2 key elements in deciding how to collect data are (concepts & methods)
