by Ruveen
1. Define the problem

2. Exploratory Research
process of discussing a mrkt problem with informed sources both within and outside the firm and examining info from secondary sources
can talk to employees, evaluate company records, and available competitive data
situation analysis= internal data collection
informal investigation- often used for exploratory interviews with informed persons outside the researchers firms
Internal data- sales analysis, accounting data, marketing cost analysis
3. Formulate a hypothesis
tentative explanation for some specific event
This sets the stage for more in depth research

4. Create research design
a master plan for conducting reseach

5. Collect Data
a) primary data (info collected for 1st time.. this is specific to what your researching)
b) secondary data (previously published info)

6. Interpret and present researched info
spell out conclusions in a easy way to put plans into action


Market research- collecting information in marketing decision making consists of activities that are 1. Determining market potential, market share, and market characteristics. 2. Conducting sales and competitive product studies.
Market research process- 1. Define the problem- focuses on researchers search for relevant decision-oriented information 2. Exploratory research- info gained from in and outside the firm 3. Formulate a hypothesis- estimated explanations of events 4. Creating research design 5. Collecting data- can involve primary or secondary 6. Interpreting and presenting research information.
Sampling- process of selecting representative survey respondents or research participants from the total universe of possible participants.
MIS- planned, computer-based designed to provide managers with a continuous flow of information relevant to their specific decision-making needs and areas of responsibility.
MDSS- marketing information system component that links a decision maker with relevant databases and analysis tools to help answer “what if” questions
Jury of executive opinion- combines and averages the outlooks of top executives from areas such as marketing, finance, production, and purchasing.
Delphi technique- takes opinions from several people within the firm but also includes input from experts outside the firm such as academic researchers.
Exponential Smoothing technique- forecasts sales by weighing each years sales data, giving greater weight to results from most recent years

vocab

· Marketing research- process of collecting and using info for marketing decision making
· Exploratory research-process of discussing a marketing problem with informed sources both within and outside the firm and examining info from secondary sources
· Secondary data-previously published info
· Primary data-info collected specifically for the investigation at hand
· Sampling-process of selecting survey respondents or research participants
· Probability sample-sample that gives every member of the population a chance of being selected
· Nonprobability sample- sample that involves personal judgment somewhere I the selection process
· Interpretative research-observational research method developed by social anthropologist in which customers are observed in their natural setting and their behavior is interpreted based on an understanding of social and cultural characteristics
· Focus group-simultaneous personal interview of a small group of individuals, which relies on group discussion about a certain topic
· Marketing decision support system(MDSS)- marketing info system component that links a decision maker with relevant databases and analysis tools
· Sales forecast- an estimate of firm’s revenue for a specific future period




Chris Gray
Robin Modgil
Aisha Hudson
Deevesh