CH 1 Flashcards
BEST BUY CASE
QUALITY OF MARKET RESEARCH MATTERS* best buy did not complete this and therefore suffered their turkey store that was only open 14 months
**Market Research Process
SYSTEMATIC process of using formal research and CONSISTENT data gathering to improve marketing functions within an organization
**Market Research Steps
- Define problem 2.Develop an approach to the problem 3. Formulate a research design 4. Collect data/do fieldwork 5. Prepare data (clean)/Analyze data 6. Present Report
marketing research criteria
systematic (data gathering and analysis must be designed in adv) objective (unbias/impartial), informational (collects data relevant to info needs of descion makers) targeted for descion making (data gathered and interpreted with the goal of reducing uncertainty)
critical roles of marketing research: descriptive
gathering and presenting statements of fact
critical roles: diagnostic
explanation of data or actions
critical roles: predictive
specification of how to use diagnostic and descriptive research to interpret results of a planned marketing descion
application: segmentation research
determine basis of segmentation, est. market potential, select target market
market research
social factors, technology, economy, market managers, uncontrollable environmental factors
application: product research
test concept, package tests, test marketing
marketing planning process
- situational analysis 2. strategy development 3. marketing program development
**Conduct research. when?
research costs outweighs the benefits, opportunity has passed, managers can not agree on what they need to know, research result might not be useful to management
centralized organizations
single corp research that performs all research operations i.e. P&G
decentralized organizations
company division has own research wing
external suppliers
full service suppliers (standardized), limited service suppliers (field service)
*****select research supplier
ethical, costly, communication style, flexible, reputable
global themes in market research
experience and knowledge in one country may not be applicable in another
**global challenges
Language and cultural differences
Less available or lower quality secondary data
Less institutional infrastructure for data, sample selection, and interviewing
Fear of government surveillance affecting response rates or biasing responses
Higher costs
Government mandated regulations
Prejudice against imports
**Ethical Issues in Market Research- problem definition
personal agendas of the researcher, surveys as a guide for selling or fundraising, conducting uneccesary research
**Ethical Issues in Market Research- develop an approach
soliciting proposals to gain research advice without pay, inaccurate reporting, using finding or models for a specific client in other client research
**Ethical Issues in Market Research- research design
formulate a research design more suited to the researcher instead of the client’s needs
**Ethical Issues in Market Research- field work
increasing discomfort level of respondents
**Ethical Issues in Market Research- data prep
discarding unsatisfactory responses
**Ethical Issues in Market Research- presentation
incomplete reporting,biased, inaccurate reporting
