Chapter 7 Market Research.docx

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Bishop's University
business management
MOS 1023B
Jeffery Jutai

CHAPTER 7: Market Research Why Market Research? • Information can be an important competitive advantage for firms o Challenge is to determine which information is most reliable, accurate, and relevant o Digital technology and the internet allow unprecedented info capture  Quantity makes it more difficult to identify what is useful and relevant Marketing Information System (MIS): • Procedures and processes for gathering, sorting, and analyzing data on an ongoing basis • Can come from both internal and external sources Market Research: • Answers specific questions not answered by MIS • Atool that clarifies marketing problems and opportunities and provides information for marketing decision-making o Is difficult to obtain valid and accurate information • Questions are planned to try and deal with these difficulties and get the required insights Categories of Marketing Research: EXPLORATORY: • Preliminary research that clarifies the scope and nature of a marketing issue • Subsequent more detailed research usually follows DESCRIPTIVE: • Research to describe basic characteristics of a population or to clarify usage and attitudes • Already have a general understanding and seeking more conclusive data CAUSAL: • Explaining a cause-and-effect relationship among variables • Generally comes after exploratory and descriptive research Step 1: Define the Problem/ Issue/ Opportunity • Clearly define the problem, issue or opportunity, and to clarify the objectives o Question that needs to be answered • Requires clarifying research objectives o Specific, measurable goals that the decision maker seeks to achieve Step 2: Design the Research Plan • Identifying what information is needed, how it will be collected, and whether a sampling plan is needed o Information requirements  Specific to avoid irrelevant data o Collection methods  How to collect the data  Choose the method that maximize the results of accuracy • Sampling o The process of gathering data from a subset of the total population rather than from all members of that particular group  Who is being sampled?  How big should the sample be?  How should the sample be selected? o Probability sampling  Precise rules used to select o Non
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