Module #2 - Planning the Research Process Flashcards
What is the first step of the research planning process?
The client comes to you with a business issue
What is the second step of the research planning process?
Meeting with the client to learn more about the challenges and opportunities faced by the business
What are the four key pieces of information you need to discuss with the client during the second step of the planning process?
a) You and your client discuss the competitive forces that contribute to the business issue or problem. You discuss other factors that management thinks play a role in the issue or problems.
b) You discuss what alternative courses of action the business is considering.
c) You gain an understanding of possible risks and vulnerabilities.
d) You find out what business decisions management faces.
What is the third step in the research planning process?
Develop a set of research objectives to match the business decisions
What is the fourth step in the research planning process?
Design a research plan to achieve the research objectives, and laying it out in a proposal
What is the fifth (and last) step in the research planning process?
Communicate the research plan to the marketing partners
What are the 6 phases of the “Business Process Continuum”?
1) Problem not fully formed
2) Problem identified
3) Possible courses of action identified
4) Courses of action chosen
5) Implementation
6) Evaluation of results
What is the definition of marketing research?
The systematic and objective identification, collection, analysis, dissemination, and use of information for the purpose of assisting management in decision-making related to the identification and solution of problems and opportunities in marketing.
What are 3 broad categories of business issue that market research can help?
1) Acquisition/ Expansion
2) Retention
3) Margin Improvement
What are the specific ways businesses can address expansion/ acquisition?
1) new customers
2) get current customers to use more
3) new products
What types of research are used for issues of acquisition/ expansion?
1) New Product research
2) Segmentation research
What are two specific ways companies can address issues of retention?
1) Maintaining customer loyalty
2) Minimizing customer losses due to attrition
What types of research are used for issues of retention?
1) Customer satisfaction
2) Customer attrition research
What types of research can address issues of margin improvement?
1) Advertising Effectiveness
2) Pricing research
3) Packaging research
Why is problem definition key to the research process?
Because you can’t solve the problem if you don’t actually know what it is.
What is the relationship between the business problem and the research problem?
The business problem is likely to be a symptom of another underlying problem. The underlying problem is the one that needs researching.
What are the 5Ws and 2Hs of the research plan?
Why, Who, What (info), Where (geo scope), When, How, and How much
What is the difference between the management decision problem and the marketing research problem?
Management Decision Problem asks what the decision maker needs to do.
Marketing Research Problem asks what information is needed and how it can be obtained.
The definition of the marketing research problem should follow what two rules?
1) Be broad enough to allow the researcher to get all information needed to address the bus. prob, and
2) be specific enough to guide the researcher in formulating the right approach.
Why is marketing research valuable?
Because it reduces the risk in making business decisions.
What do market researchers need to do to be considered consultants in the process rather than technicians?
They need to frame their discussion in terms of business issues and decisions, rather than research issues or decisions.
What are the 4 key issues to cover when identifying research objectives?
1) Situational background - to understand who should be interviewed and what information should be gathered.
2) Business decision - to help decide the level of information needed and the best type of analytical approach
3) Information needs - to help in developing the questionnaire
4) logistical considerations - key to developing realistic budget and schedule
What are four reasons for NOT conducting market research?
When…
1) Existing research can answer the question
2) Actual business results may provide a better answer.
3) The cost and difficulty of conducting the research outweighs the value of the information
4) The question doesn’t justify its own study.
