CH+7+Market+Research

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