BUAD302 Midterm: BUAD302Exam2

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Information research process : a systematic approach to collecting, analyzing, interpreting and transforming data into decision making information. Something has gone wrong: drop in sales, unhappy customers. Defining an opportunity-- new market: expansion into global markets. If the decision is having a marketing research study . Distinguish symptoms from the root problem iceberg principle. ***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 doesn"t equal the research question. Cannibalization= stealing market share from current product like apple selling another iphone. Determine price elasticity of demand and the impact on sales and profits of various levels of price changes. Specify research objectives and confirm the information value. Bottom line the decision maker will have the information needed to answer the research questions. Phase 2: select the appropriate research design. Determine the research design and data sources.

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