MG2009 LECTURE 2 (2ND YEAR) Flashcards
Why do markets rely on market research?
- up-to date, reliable information helps them make decisions
- firm have limited resources and managers often face considerable uncertainty when it come to investing them
why to carry out market research
1- comprehend the demands of your customers
2- detect more business opportunities
3- plan the perfect marketing campaign
4- minimiza losses
5- keep track of the competiton
when do you carry out market research?
- when you have enough time
- if there is enough data available
- depending on what decision is at stake
- benefits vs cost
three types of the nature of research?
explanatory research
descriptive research
casual research
what is explanatory research?
investigate a topic when there is limited information or understanding.
It aims to explore and generate ideas or hypotheses
who is the explanatory research?
flexible and unstructured, small sample size, quality research combined with analysis of secondary data
what can the explanatory research do ?
help clarify the business problem, defines the scope of further research
what is descriptive research?
describes a topic or situation as it is, providing facts and details without trying to explain why things are the way they are.
how is the structures process of descriptive research?
formal
what is casual research?
Examines the cause-and-effect relationships, determining whether one thing directly cause another.
how to infer causation
- identify whether there is an association between the variables
- look for appropriate time sequence
- exclude other variables as the cause
- come to plausible or common sense conclusions
firms use market research to develop their marketing strategy including:
1- identifying opportunities
2- market segments and target market
3- planning and implementing a market strategy
4- analyzing marketing peformance
