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Related Flashcards
Related Topics
Cards In This Set
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Marketing Research
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Is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
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Decision
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Is a conscious choice from among two or more alternatives
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Decision Making
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Is the act of consciously choosing from alternatives
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Exploratory Research
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Provides ideas about a relatively vague problem.
Ex: General Mills discovered that the initial version of its Hamburger Helper wasn't satisfactory for many consumers, so it interviewed them to get ideas to improve the product |
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Descriptive Research
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Generally involves trying to find the frequency that something occurs or the extent of a relationship b/w two factors.
Ex: When General Mills wants to study how loyal consumers are to its Wheaties, it can obtain data on the number of households buying Wheaties and competitive products. |
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Causal Research
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(the most sophisticated) Tries to determine the extent to which the change in one factor changes another one.
Ex: Fisher-Price decided changing the toy designs is related to changes in the amount of time children play with the toy. Experiments and test markets are examples of causal research. |
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Research Objectives
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Are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research.
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Measures of Success
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Criteria or standards used in evaluating proposed solutions to the problem.
Measures of Success are decided before the research begins |
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Constraints
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Restrictions placed on potential solutions to a problem.
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Ex of Constraints
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The limitations on the time and money available to solve the problem.
Fisher price might set 2 constraints on its decision to select either the old or new version of the the chatter telephone: decision must be made in 10 weeks, and no budget is available beyond collecting data in a nursery school. |
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Concepts
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Ideas about products or services
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New Product Concept
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A picture or verbal description of a product or service the firm might offer for sale
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Methods
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Are the approaches that can be used to collect data to solve all or part of a problem
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Sampling
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A technique to select a group of distributors, customers, or prospects and treating the information they provide as typical of all those in whom they are interested
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Statistical Inference
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Used to generalize the results from the sample to much larger groups of distributors, customers, or prospects to help decide on marketing actions
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