BUAD302 Midterm: BUAD302Exam2

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Department
Business Administration
Course
BUAD302
Professor
Yi- Lin Tsai
Semester
Spring

Description
BUAD302sux EXAM 2 Chapter 2, 3, 4, 12 Chapter 2: Marketing Research Process Proposals Information research process: a systematic approach to collecting, analyzing, interpreting and transforming data into decision making information What does a problem look like? From a managers decision makers perspective: Something has gone wrong: drop in sales, unhappy customers Clarification of the situation: is our market share dropping or is the entire market shrinking? Defining an opportunity new market: expansion into global markets New product: any app we can design for Apple Watch? Monitoring and evaluating operations: does our holiday promotion campaign work? Sometimes marketing research might NOT be needed** Insufficient time frames If the competitors act react too fast Inadequate resources Money, manpower, facilities Costs outweigh the value Expected benefit < cost If the decision is having a marketing research study Four Phases of an Information Research Process Phase 1: Determine the research problem Identify and clarify info needs Distinguish symptoms from the root problem iceberg principle Define research questions ***most important step: if the problem is incorrectly defined, all else is wasted effort Problem statement can be either specific or general Break it down into more scientific terms Management decision problem doesnt equal the research question
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