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

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FEP Market Research Lge 508

Defining the Market Research Problem

Ana Brochado

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Defining the Market Research Problem

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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

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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

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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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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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