Marketing Notes Chapter 4.docx

8 Pages
Unlock Document

Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
Kenneth Bowlby

Marketing Notes Chapter 4 Market Research Marketing research – a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas Valuable because: (1) reduces some uncertainty under current operations, (2) provides a critical link between firms and their environments, (3) by monitoring competition they can anticipate and respond quickly, (4) can identify emerging opportunities and new and improved ways of satisfying needs and wants in the external environment The Marketing Research Process Questions: Will the research be useful? Is top management committed to the project and willing to abide by the results of the research? Should the research project be small or big? It is important to establish in advance what information is required to answer specific research questions and how they should be obtained Should be the lowest possible cost Should be planned in advance The marketing research process: Step 1: Define The Research Problem And Objectives Incorrect definition will end up with wrong solution regardless of the process taken Correct definition will be wrong if the process is not used correctly Poor process designs arise from: Basing searches on irrelevant questions Focusing on questions that cannot be answered Addressing research questions that are already known Step 2: Design The Research Process Researchers must identify the type of data needed and determine the type of research necessary to collect it Secondary data Secondary data – pieces of information that have been collected prior to the start of the focal project Pros Readily available Inexpensive Cons Not specific Untimely Researchers must insure the data is relevant Syndicated data – data available for a fee from commercial research firms such as Symphony IRI Group, National Purchase Diary Panel, Nielson, and Leger Marketing Researchers must pay attention to how the secondary data was collected Primary data Primary data – data collected to address specific research needs/questions currently under investigation. Some primary data collection methods include focus groups, in-depth interviews, and surveys Pros Tailored to fit research study (specific) Cons Costly Timely Biased Primary data collection requires decisions such as: Which methods to use? What types of sampling plan is best? What types of research instruments? How to best contact potential respondents? Improper execution will reduce the following: Reliability – the extent to which the same result is achieved when a study is repeated under identical situations Validity – the extent to which a study measures what it is supposed to measure Research must be both reliable and valid Sample – the segment or subset of the population that adequately represents the entire population of interest Who should be surveyed? How big of a sample? What types of sampling procedure? Sampling – the process of picking a sample Should be large enough to ensure reliability; the larger the more reliable Step 3: Collect Data Exploratory research (qualitative) – attempts to begin the phenomenon of interest; also provides initial information when the project lacks any clear definition Conclusive research (quantitative) – provides the information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action Hypothesis – a statement or proposition predicting a particular relationship among multiple variables that can be tested through research Exploratory (Qualitative) Research Methods Observation Observation – an exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny Can be long or short Ethnography – an observational method that studies people in their daily lives and activities in their home, work, and communities Requires highly trained researchers
More Less

Related notes for Management and Organizational Studies 2320A/B

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.