BADM Principles of Marketing: Unit 6

Why is determining the research design for a marketing-research project important?

Determining the research design for a marketing-research project is important because it helps to keep the project on track and ensure that the business and researcher have the same information.

Why is marketing research important?

Don't waste money on the wrong market. Need to base decisions on facts and not opinions.

Explain the last step in the marketing research process.

researchers prepare a written report of their findings and suggest a course of action for the business.

What is marketing research?

Systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern—is a valuable source of insight.

What are seven characteristics of marketing research?

Systematic. Accurate. Objective. Thorough. Timely. Reliable. Valid.

Why should data be analyzed after they are collected?

The data must be analyzed to be useful. Data by themselves are just a collection of facts.

Explain the initial step in the marketing-research process.

The first step in the research process is identifying the problem, issue, situation, or concern to be researched. This is an important step because if the business does not clearly identify and define the reason for the research, the business may invest its time and money unwisely.

What are the four categories of research objectives?

To explore the current situation. To define the current situation. To test the situation. To predict future situations.

How do businesses use marketing research?

To solve specific marketing problems as well as to identify problems that may or may not be readily apparent.

What is a hypothesis?

a testable statement of the expected outcomes of the research.

How does the size of a business or organization influence how it carries out marketing research?

Some conduct their own marketing research, while others hire the services of outside marketing researchers.

Explain the five questions that a written research design should address.

What types of data are needed? Researchers must determine whether they need secondary data, primary data, or both. How much data will be collected? The amount of data needed should be based on the scope of the research project. Where will researchers find the data? Researchers must use sampling to choose a representative group of customers to survey. They also must determine whether the data will come from internal sources, external sources, or both. What will primary data-collection methods be used? Researchers must determine whether they plan to use survey, observation, and/or experiment. How will the data be analyzed? Researchers must determine whether they plan to review and evaluate data by hand or by computer.

What are the three basic data-collection methods used in marketing research?

surveying, observing, and experimenting