Lesson 2.1 - Part 1

Question 1

Marketing research process for Gillette’s Venus Razor

Answer 1

1. When Gillette decided to develop a razor for solely women, they conducted extensive market research and performed numerous market tests.
2. The exploratory research revealed that: (A) women change their grip on a razor about 30 times during each shaving session. (B) women were reluctant to leave the shower in order to replace a dull blade.
3. Based on the marketing research, Gillette designed the Venus with: (A) a wide, sculpted rubberized handle offering superior grip and control, and an oval-shaped blade in a storage case that could stick to the shower walls. (B) a case to hold spare blade cartridges
4. Discovering a consumer insight through marketing research can lead to a successful product launch and improve brand performance

Question 2

Stage 1: Problem Definition

Answer 2

1. A problem well stated is a problem half solved.
2. Iceberg principal: in many business situations, the decision maker is aware of only 10% of the true problem
3. Key questions to ask at the problem definition stage:
   -what is the purpose of the study?
   -how can you solve it?
   -how to identify the opportunity?
   -what is the source of the problem?
   -what is known?

Question 3

Research designs - exploratory research

Answer 3

Conducted to clarify ambiguous situations or discover ideas that may be potential business opportunities

Question 4

Research designs - descriptive research

Answer 4

Describe characteristics of a group or the market environment (who (population), what, when, where, and how

Question 5

Research designs - causal research

Answer 5

Determine the cause-effect relationships (x causes y)

Question 6

Stage 2: data collection

Answer 6

1. Process of gathering or collecting information
2. Important to minimize errors in the data collection process

Question 7

Stage 2: data collection - types of data

Answer 7

1. Internal secondary data: routine data already in system such as sales, customer info, what products are sold at what store. All existing information
2. External secondary data: government info, published sources, financial data, sometimes third party companies collect this data and sell it
3. Primary data: data you collect to answer your research problem. (A) time consuming and expensive. (B) can collect through causal research or descriptive research

Question 8

Stage 2: data collection - types of research designs

Answer 8

1. Causal research: identify cause and effect relationships between variables
2. Descriptive research: describing characteristics of a population. Should the data be collected by observation or questionnaires? Etc.

Question 9

Stage 3: data analysis

Answer 9

1. Data processing: editing and coding the collected data
2. Data analysis: apply computation, summarizing, and reasoning to understand the gathered information

Examples of data analyses: descriptive statistics, plots: (histogram, scatterplots, bar chart, pie chart), frequency counts, cross tabulation, regression analysis, correlation analysis, hypothesis testing

Question 10

Stage 4: information reporting

Answer 10

Summarizing research process, research results (findings), conclusions and recommendations. Reports should be clear and accurate (balance completeness and conciseness)

Question 11

Stage 4: information reporting - minimize error

Answer 11

Minimizing the total errors is the key in marketing research. Error can enter at any stage of marketing research process, the goal is to decrease overall error not any one source of error