Professional Documents
Culture Documents
Def. - Formal communication link with the environment to provide accurate and useful information for better decision making. Systematic process of specifying, collecting, analyzing, and interpreting. Useful for planning, problem-solving, and controlling (see Exhibits 1.1)
Application of MR Marketing research activities can be divided into four main strategic categories:
Market Analysis
Identifying and evaluating opportunities Competitive Analysis
Market Segmentation
Analyzing market segments and selecting target markets
Managerial Value of MR
Value Relevance Quality Timeliness Completeness Data vs. Information vs. Knowledge
Science or Art?
Objectivity of Investigator Unbiased Procedural integrity Accurate reporting Accuracy of Measurement Valid and Reliable Meaningful and useful Appropriate design (sample, execution) Open-minded to Findings Willing to refute expectations Acknowledge limitations
Difficulties of Achieving Scientific Studies in Marketing Investigator is deeply involved in the use of the results. Imprecise measuring devices Very complex and interrelated subject matter Difficulty using experiments Influence of the measurement process on results Time pressure for results
Step 3: Design Sample Sample: a subset from a larger population Probability vs. nonprobability sample Number of respondents Method of contact Management of non-response Detailed field instructions Handling of data
Step 4: Develop Measurement Instruments What observation form or questionnaire will be best suit the needs of the project? Anonymous? Confidential? Structured vs. open-ended What types of rating scales? What is the layout going to look like?
Step 5: Collect and Prepare Data Editing and Coding Data Entry Data Cleansing Summarization Error Assessment Reliability/Validity
Researchers must remember to speak in managerial terms rather than in the terminology understood only by research specialists Reports should outline technical details of the research project and methods in an appendix, if at all Researchers should spell out their conclusions in clear, concise, and actionable terms
Be open-minded to findings, be willing to refute