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  1. Why do we do market research?
    • To gather information needed to make marketing decisions and take advantage of opportunities
    • Facilitates strategic planning
    • Assesses opportunities and threats
    • Ascertains potential focuses for products and
    • services
    • Helps determine feasibility of particular
    • strategy
    • Improves decision making
  2. Market Research
    Systematic design, collection, interpretation, and reporting of info to help marketers solve specific marketing problems or take advantage of marketing opportunities
  3. Steps of Market Research
    • 1. Locating and defining problems
    • 2. Designing the research project
    • 3. Collecting data
    • 4. Interpreting research findings
    • 5. Report research findings
  4. Researching Methods
    • Exploratory
    • Conclusive
  5. Exploratory Research
    • Research conducted to gather more information about a problem or to make a tentative hypothesis more specific
    • Ex: interviews, scanning secondary data
    • More general, informal, tentative
  6. Conclusive Research
    • Conducted to clarify characteristics of certain phenomena to solve a particular problem
    • Ex: Descriptive studies, experimental research
    • Specific, formal, conclusive
  7. Types of Conclusive Research
    • Descriptive
    • Experimental
  8. Descriptive Research
    • Demands prior knowledge
    • Assume problem/issue is clearly defined
    • May require statistical analysis and predictive tools
    • Becomes marketers task (choose methods, measure data)
    • Indicators or Performance: Market share, innovativeness, employee performance, profit, satisfaction, stock shares
  9. Experimental Research
    • Allows marketers to make causal deductions
    • Requires independent and dependent variable (more like lab setting, artificial)
    • Provides strong evidence of cause and effect
  10. Reliability
    A condition existing when a reserach technique produces almost identical results in repeated trials
  11. Validity
    A condition existing when a research method measures what it is supposed to measure
Card Set
Test 2
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