What's The Problem? LAP review Q's

Who conducts market research?

Anyone with a business problem?

What type of research should managers avoid?

Bias or don't fit financial sense

What type of research should researchers avoid?

Bias/Invalid problems

Describe the relationship between decision problems and research problems?

Decision Problem: The problem facing the managers Research Problems: The decision problem facing the researcher

How is marketing research beneficial for business?

It tells the business who their possible target market/customers are, where their losing revenue, and facts on other problems.

Describe the decisions that managers and researchers must make about: Secondary and Primary Data, Units of analysis, Relevant variables

Secondary Data: Data that already exists, wouldn't have to go get more data Primary Data: New data obtained usually by surveys Units of Analysis: Needs to be clearly defined so the research isn't skewed Relevant Variables: What types of information are needed to address the decision problem? ex attitude

Why is it important to define the research problem?

So you know what you need to direct your research towards so you don't waste your time and money

Why are research objectives so important?

States exactly what the research study will achieve and how it is obtained

How do researchers help managers to clarify the decision problem?

They look at their problem and decide if it fits what actually is the problem

Describe 2 types of decision problems

Why is market share dropping? What are some unfulfilled needs in our target market?