Marketing Research for Managers

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a primary data source?

Data collected for a different problem

Previously collected information

Data collected specifically for a current problem (correct)

Unstructured data stored in data warehouses

Which factor has most significantly influenced the marketing research process?

Changes in consumer preferences

Increased competition among businesses

The emergence of social media influencers

Advancements in the internet and big data (correct)

In which situation might research be deemed unnecessary?

The research can confirm existing knowledge

Gathering new data is beneficial

There is potential for new market insights

The problem can be solved with existing information (correct)

What aspect of marketing research is challenged by global expansion?

Cultural issues in decision making Signup and view all the answers

What is the primary goal of the research process?

To provide decision makers with knowledge to resolve problems Signup and view all the answers

Which of the following is a key consideration before conducting marketing research?

Availability of internal records Signup and view all the answers

What amount of budget has been set aside for the expansion?

$500,000 Signup and view all the answers

What is the role of marketing research in strategy development?

To collect, analyze, and interpret data for informed decisions Signup and view all the answers

What would be the cost of conducting comprehensive market research?

$50,000 Signup and view all the answers

If the costs of research outweigh its benefits, what should a business likely do?

Seek alternative methods to obtain information Signup and view all the answers

Which factor is NOT mentioned as influencing the research process?

The potential for market growth Signup and view all the answers

What characterizes big data in marketing research?

Unstructured secondary data in warehouses Signup and view all the answers

Which step is the first in the research process?

Determine the research problem Signup and view all the answers

What is a potential risk mentioned if the company decides to conduct market research?

Loss of two months of expansion time Signup and view all the answers

What factor should decision makers agree on to better clarify their information needs?

Purpose for the research Signup and view all the answers

What approach might compete with the company's decision to conduct market research?

Making a decision based on existing information and intuition Signup and view all the answers

Study Notes

Determining the Need for Information Research

Managers often encounter problems that require additional information
Marketing research can provide a scientific solution to these problems
The internet and big data have significantly changed the marketing research process
Big data is unstructured secondary data stored in data warehouses
Marketing research is now playing a role in strategy development
Global expansion introduces new cultural challenges
Research may not be necessary if the problem can be solved using existing information and managerial judgment
Consider these factors when deciding whether or not to conduct research:
- Insufficient time
- Inadequate resources
- Costs outweighing the value
- Benefits outweighing the costs
- If the research will provide useful decision-making feedback
- If the research will provide valuable insights

Debate: To Research or Not to Research

Two teams can debate the pros and cons of conducting research
Team A argues for conducting research, while Team B argues against it

Coffee Bliss Expansion Dilemma

Coffee Bliss, a successful local coffee shop chain, is considering expanding
The CEO needs to decide between opening a new location or launching a mobile coffee truck service
The company has $500,000 set aside for expansion
Basic foot traffic data for the Seaport District and general information about the food truck industry in Boston are available.
The marketing team suggests comprehensive market research to determine the best option, costing $50,000 and taking 2 months to complete.
The CEO needs to decide whether to invest in market research or make a decision based on existing information and intuition.

Overview of the Research Process

The research process consists of 11 steps:
- Identify and clarify information needs
- Define the research questions
- Specify research objectives
- Determine the research design and data sources
- Develop the sampling plan
- Examine measurement issues and scales
- Design and pretest the questionnaire
- Collect and prepare the data
- Analyze the data
- Interpret the data to create knowledge
- Prepare and present the final report
The scientific method guides these steps
The primary goal of the research process is to provide decision-makers with knowledge to address problems or pursue opportunities.
Data becomes knowledge when someone interprets it and attaches meaning.
Factors that influence the number of steps and their order include:
- The complexity of the problem
- The urgency of solving the problem
- The cost of alternative approaches
- The need for clarifying information

Determine the Research Problem: Step 1— Identify and Clarify Information Needs

Agree on the decision maker's purpose for the research.
The Iceberg Principle: Decision-makers are often only aware of 10% of the information needed.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

This quiz explores the essential aspects of determining the need for information research in management. It covers topics ranging from the impact of big data on marketing research to the decision-making process regarding whether or not to conduct research. Delve into the factors that influence research necessity and the cultural challenges of global expansion.