MARK 201 Study Guide - Midterm Guide: The Lego Group, Contingency Table, Neuromarketing
Document Summary
Chapter 8 - marketing research: from customer insights to actions (pg. Marketing research: is the process of defining a marketing problem and opportunity collecting and analyzing info, and recommending actions. Marketers conduct research to reduce the risk of and improve marketing decisions. Step 1 - define the problem: be specific, measurable and achievable, have clear research purpose, must lead to marketing actions. Measures of success - criteria used in evaluating solutions to the problem. Ex) lego group was concerned that kids would be overwhelmed by the 500-plus pieces in mindstorms kits and lose interest. Lego group"s brainstorming showed kids need to have a basic device up, running, and doing tricks in 20 min. Descriptive research find the frequency as to how something occurs or the extent of a relationship between two factors. Ex) if lego group wants to know which of the two mindstorms kits is of greatest interest to middle school versus high school students, it might ask them.
