week 6

Question 1

Marketing Research

Answer 1

Marketing researchers specify the information needed to address marketing issues, design the method for collecting information, manage and implement the data collection process, analyze the results and communicate the findings and their implications.

Question 2

Identification and definition of Research Problem involves:

Answer 2

a. Identification of Research Problem
b. Laying down objectives,
c. Determining the extent of information required.

Question 3

Conducting situational analysis and informal investigation
situational analysis

Answer 3

involves collecting information regarding business environment, market situation, competitions and industry surrounding the problem in general. An informal investigation includes an investigation with the people outside the organization like suppliers, wholesalers, consumers, advertising agencies etc. this is done to determine whether a detailed study in necessary and feasible or not.

Question 4

Planning and conducting formal investigation

Answer 4

a. Preparing research design – exploratory, descriptive, casual
b. Selecting the sources of information – primary data or secondary data

Question 5

c. Deciding methods of data

d. Planning the Sample Frames,

Answer 5

c. Deciding methods of data collection – survey, observation, experimentation, online survey, etc.

d. Planning the Sample Frames, Sample size, and Questionnaire

Question 6

e. collecting data

Answer 6

survey, observation or experimentation

Question 7

Analyzing and Interpreting Data

Answer 7

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it involves classification, tabulation and interpretation of the data collected. Statistical techniques are used to draw conclusions and make recommendations of report.

Question 8

5. Summarizing the findings and preparing a research report

Answer 8

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The last step involves preparation of a written report that helps the management to make effective decisions based on the finding and recommendations of the
report.