Chapter 3
A situation that makes some potential competitive advantage possible
market opportunity
A situation that makes some significant negative consequence more likely Problems are inferred from symptoms—observable cues that serve as a signal of a problem because they are caused by that problem
market problem
Clarify ambiguous situations Discover potential business opportunities
purposes of exploratory research
Establishing the relationship between advertising and sales in the beer industry.
Causal Research
Rules for interpreting, categorizing, recording, and transferring data to the data storage media
Coding
Application of reasoning to understand the data collected
Data analysis
Identifying target market demographics for a shopping center located in Omaha, Nebraska.
Descriptive Research
Seeks to diagnose reasons for market outcomes Focuses specifically on the beliefs and feelings consumers have about and toward competing products
Diagnostic analysis
Checking the data for omissions, legibility, and consistency
Editing
Exploring attitudes about service satisfaction.
Exploratory Research
T/F. A formal, logical explanation of some events that includes descriptions of how things relate to one another is called a hypothesis.
False
Recognizing the nature of the problem or opportunity Identifying how much information is currently available and how reliable it is Determining what information is needed to better deal with the situation
Research's role in the decision makingprocess
Procedure that involves making decisions based on measurements from a portion of the population.
Sampling
certainty
The decision maker has all the information needed to make an optimal decision
uncertainty
The manager grasps the general nature of desired objectives, but the information about alternatives is incomplete
Ambiguity
The nature of the problem itself is unclear such that objectives are vague and decision alternatives are difficult to define
A statement such as: "Consumers with more favorable attitudes toward our advertising will exhibit more favorable attitudes toward the brand advertised" is an example of a(n):
Hypothesis
ØThe process of developing and deciding among alternative ways of resolving a problem or choosing from among alternative opportunities
decision making