Foundation I (1).pdf

MKTG 330 Marketing Research Danny Kim Module 2: The Foundations I  Dean’s Business Forum Board 2024 Deadline: September 4 (Wed) Application form is HERE Questions: Dr. Pepper ([email protected]) Schedule  Course introduction Definition of marketing research Instructor introd...

MKTG 330 Marketing Research Danny Kim Module 2: The Foundations I  Dean’s Business Forum Board 2024 Deadline: September 4 (Wed) Application form is HERE Questions: Dr. Pepper ([email protected]) Schedule  Course introduction Definition of marketing research Instructor introduction Features of science Course expectations Types of hypothesis Marketing as science Limitations of marketing as science CA1: Group formation (group) Definition: Marketing Research “The function that links consumers to the marketer through information.” “The systematic process of designing, collecting, analyzing, and reporting of information relevant to a specific marketing problem.” Data vs. Information Data Information Raw, unorganized facts Processed, structured facts Incomprehensible (b/c it has no context Comprehensible (b/c it has context) Data alone is not usable: Through analysis and interpretation, data needs to be transformed into information that is suitable for decision-making. Definition: Marketing Research Marketing research (1) specifies the information required to address issues, (2) designs the method for collecting information, (3) manages and implements the data collection process, (4) analyzes the results, and (5) communicates the findings and their implications. Marketing research follows a scientific procedure to collect information. Science Marketing is social science!  A study of how values are exchanged in the market. Hence, marketing research involves scientific procedures to collect information about the market. A study of ____________ A study of elemental properties A study of celestial bodies Features of Science A scientific approach has three fundamental features. (1) Systematic empiricism - Empiricism: Scientists learn about the world based on observations. - In their observation, scientists rely on their perception (five senses) and measurements. Are GU students No speculations! sleep deprived? No assumptions! Features of Science (2) Empirical question - Scientists explore questions that are empirically testable via observation. - Scientists set up a hypothesis (an empirically testable statement). Does the COG serve meals that are high on calories? Hypothesis: The COG serves meals that are high on calories. Does the COG serve meals that are higher on calories than McDonald’s? Hypothesis: The COG serves meals that are higher on calories than McDonald’s. Features of Science (2) Empirical question - Scientists explore questions that are empirically testable via observation. - Scientists set up a hypothesis (an empirically testable statement). Descriptive Hypothesis Relational Hypothesis A statement on one variable on its traits A statement on the relationship of two (size, form, magnitude). variables. Ex: “Does the COG serve meals that are high Ex: “Does the COG serve meals that are on calories?” higher on calories than McDonald’s?” The variable is calorie amount. The variables are vendors and calorie amount. Features of Science (3) Public knowledge - Scientists publish their research to share the knowledge gained. - Science is a social process: A large-scale collaboration on a topic of shared interest. - Science is self-correcting: Public sharing allows detection/correction of errors. Hypothesis testing via Flat-Earth hypothesis Round-Earth hypothesis observation Marketing is Science (1) Systematic empiricism - Marketers engage in observation to understand consumer behavior. Marketers observe your online activities to Marketers track consumers’ spending show you relevant ads. patterns for research. Marketing is Science (2) Empirical questions Descriptive Hypothesis Relational Hypothesis A statement on one variable on its traits A statement on the relationship of two (size, form, magnitude). variables. Ex: “GU students are sleep deprived.” Ex: “Younger GU students sleep less.” The variable is sleep amount. The variables are age and sleep amount. Ex: “GU students who sleep less drink more Ex: “GU students drink 2 cups of coffee daily.” coffee.” The variables are sleep amount and The variable is coffee consumption amount. coffee consumption amount. Marketing is Science (3) Public knowledge  CFC Chloro fluoro carbons Dichloro diphenyl trichloroethane Science has its limitations! Limitations of Marketing as Science (1) Systematic empiricism - Perception (the world people see) ≠ Reality (the actual world) Perceived income inequality A biased researcher can Actual income inequality render biased results. OECD Limitations of Marketing as Science (2) Empirical questions - Marketing cannot provide answers to questions about values and whether things are good/bad, just/unjust, beautiful/ugly, or how the world ought to be. This is because such questions are not empirically testable. Limitations of Marketing as Science (2) Empirical questions - Marketing cannot provide answers to questions about values and whether things are good/bad, just/unjust, beautiful/ugly, or how the world ought to be. “Is Ford F150 better than “Is Ford F150 more popular than Chevy Silverado?” Chevy Silverado among Gen-Z?” Limitations of Marketing as Science (2) Empirical questions - Marketing cannot provide answers to questions about values and whether things are good/bad, just/unjust, beautiful/ugly, or how the world ought to be. “Is eliminating the use of affirmative action “Do GU students support affirmative in college admissions an unjust decision?” action in college admissions?” Limitations of Marketing as Science (3) Public knowledge - Whereas professors share research outcomes and knowledge gained, researchers from private firms are less likely to do so due to competition and fear of losing business. CA1: Group Formation Let’s form groups of six students. Download CA1 worksheet (Canvas) Complete CA1 worksheet with your group. Group Assignment (one submission from the group to Canvas) Deliverable: CA1 worksheet Due: August 30, 2024 (Fri) 11:59 PM PST