Market Research Lge 508 - UP
[Pages:18]FEP Market Research Lge 508
Defining the Market Research Problem
Market Research
1) Overview 2) Importance of Defining a Problem 3) The Process of Defining the Problem and
Developing an Approach 4) Tasks involved in Problem Definition
i. Discussions with Decision Makers ii. Interviews with Industry Experts iii. Secondary Data Analysis iv. Qualitative Research
Ana Brochado
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FEP Market Research Lge 508
Defining the Market Research Problem
5) Environmental Context of the Problem i. Past Information and Forecasts ii. Resources and Constraints iii. Objectives iv. Buyer Behavior v. Legal Environment vi. Economic Environment vii. Marketing and Technological Skills
6) Management Decision Problem and Marketing Research Problem
7) Defining the Marketing Research Problem 8) Components of an Approach
i. Objective / Theoretical Foundations ii. Analytical Model iii. Research Questions iv. Hypothesis v. Specification of Information Needed 9) International Marketing Research 10) Ethics in Marketing Research
Ana Brochado
2
FEP Market Research Lge 508
Defining the Market Research Problem
Ana Brochado
3
FEP Market Research Lge 508
Defining the Market Research Problem
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Ana Brochado
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FEP Market Research Lge 508
Defining the Market Research Problem
Tasks Involved
Discussion with Decision Maker(s)
Interviews with Experts
Secondary Data Analysis
Qualitative Research
Environmental Context of the Problem Step I: Problem Definition
Management Decision Problem Marketing Research Problem
Step II: Approach to the Problem
Objective/ Theoretical Foundations
Analytical Model: Verbal, Graphical, Mathematical
Research Questions
Hypotheses
Specification of Information Needed
Step III: Research Design
? Discussions with Decision Makers ? Interviews with Industry Experts ? Secondary Data Analysis ? Qualitative Research
Ana Brochado
5
FEP Market Research Lge 508
Defining the Market Research Problem
The problem audit is a comprehensive examination of a marketing problem with the purpose of understanding its origin and nature.
1. The events that led to the decision that action is needed, or the history of the problem.
2. The alternative courses of action available to the DM.
3. The criteria that will be used to evaluate the alternative courses of action.
4. The potential actions that are likely to be suggested based on the research findings.
5. The information that is needed to answer the DM's questions.
6. The manner in which the DM will use each item of information in making the decision.
7. The corporate culture as it relates to decision making.
The interaction between the DM and the researcher should be characterized by the seven Cs:
1. Communication 2. Cooperation 3. Confidence 4. Candor 5. Closeness 6. Continuity 7. Creativity
Ana Brochado
6
FEP Market Research Lge 508
Defining the Market Research Problem
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Management Decision Problem Should a new product be introduced?
Should the advertising campaign be changed?
Should the price of the brand be increased?
Marketing Research Problem
To determine consumer preferences and purchase intentions for the proposed new product.
To determine the effectiveness of the current advertising campaign.
To determine the price elasticity of demand and the impact on sales and profits of various levels of price changes.
Ana Brochado
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FEP Market Research Lge 508
Defining the Market Research Problem
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Problem Definition In the department store project, the marketing research problem is to determine the relative strengths and weaknesses of Sears, vis-?-vis other major competitors, with respect to factors that influence store patronage. Specifically, research should provide information on the following questions.
1. What criteria do households use when selecting department stores?
2. How do households evaluate Sears and competing stores in terms of the choice criteria identified in question 1?
3. Which stores are patronized when shopping for specific product categories?
4. What is the market share of Sears and its competitors for specific product categories?
5. What is the demographic and psychological profile of the customers of Sears? Does it differ from the profile of customers of competing stores?
6. Can store patronage and preference be explained in terms of store evaluations and customer characteristics?
Ana Brochado
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