Chapter 4.docx

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Western University
Business Administration
Business Administration 3301K
John White

Chapter 4  Market Research Step 1: Define the research problem and objectives • Marketers claim this is the most difficult step; if you define the problem incorrectly, the data you collect will be useless. • And if you define the problem correctly, but carry out the wrong research...that will be useless too • Now that the research problem is defined, the research objectives/questions comes next. The marketing objectives can be poorly defined and thus these efforts will be wasted. There are 3 ways in which it can be poorly defined - Basing research on irrelevant questions - Focusing on questions that marketing can not answer - Addressing questions to which the answers are already known Step 2: Design the Research Project • This step involves marketers deciding what kind of data is needed and the research to collect it • Data can either be primary or secondary data • Secondary data: - Data thats collected prior to the research project - Usually general info that gives a good starting point in the beginning of the research process - Collected from free or very inexpensive sources, but not that accurate or timely to be super beneficial - Research project begins with evaluating external and internal secondary data - Usually the only option for small new firms since primary data research would be too expensive - Marketers must becareful with secondary data, although its easy to gain and free, sometimes its not always trustworthy. Eg. Phony info on the internet, • Primary data: - Opposite, collected once the project has started and its collected to address the specific research questions at hand - Obvs more expensive but more accurate: focus groups, surveys, interviews - Primary data wants to be reliable (if you carry out research many times, youll get the same results) and valid (research is measuring what its supposed to) • Syndicated data - Sometimes secondary research is outdated (statscan updates demographics data every 10 years) and thus its hard to find relevant data - Marketers may find it useful to purchase Syndicated Data, which is data thats made available to you by research companies but you have to pay a fee for it • SEE PAGE 126 FOR PROS AND CONS OF DATA Step 3: Collect Data • Data collection can either be exploratory or conclusive Exploratory (qualitative) research methods • This is more preliminary research, marketers want to understand the topic on hand, just trying to gather initial info • Observation: - Examining purchase or consumer behaviour by observing - When consumers have trouble describing their patterns, observation proves to be very useful - Ethnography is an observational method that studies people in their daily lives at home, work. Takes very skilled marketers to carry out this kind of research and to even analyze the data • In depth interviews - Another exploratory
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