Introduction (Week 1) Flashcards
When do researchers conduct APPLIED research?
When a decision must be made about a specific real-life problem
What are the two methods of applied research?
Attitudinal and Behavioural
What is a customer database?
A manual or computerised source of data relevant to marketing decision making about an organisation’s customers
What is Triangulation?
Utilising different sources of data to counterbalance the weaknesses in some sources with the strengths of others
What are the 4 stages in developing and implementing a marketing strategy?
- Identifying and evaluating opportunities
- Analysing market segments and selecting target markets
- Planning - implementing the marketing mix
- Analysing market performance
Problem identification research…
Identifies problems/opportunities that may not yet be apparent
Problem solving research…
Is used once the problem has been identified
What are the 6 stages of the Marketing Research Process?
- Identify the problem/opportunity
- Determine the research design and collection forms
- Design the sample
- Collect data
- Analyse and interpret the data
- Prepare and present the research report
What is the most important step in the marketing research process? Why?
Formulating the problem.
Because only when the problem is carefully and precisely defined can the research objectives be specified and the design of the research developed.
What is the purpose of the Management Decision Problem (MDP)?
Helps the researcher to understand ‘what is to be done’ - is the reason for the research.
From what perspective is the MDP defined?
Management
What factors affect the MDP definition?
Discussion with the decision makers Interviews with industry experts Reviewing existing information Secondary data analysis Exploratory qualitative research Macro-environmental analysis
Name key symptoms of the MDP
Declining sales
Decline in profits
Losing market share
Dissatisfied customers
What is the purpose of the Marketing Research Problem?
Describes the info required to make the management decision - guides the researcher and assists to formulate the specific research objectives. It also suggests possible ways the data can be collected.
A well defined MRP will have…
A broad statement
Specific components
Decision criteria
