Learning Outcomes:

Define marketing research and explain its importance to marketing decision making
Marketing research is a process of collecting and analyzing data for the purpose of solving specific marketing problems. Marketers use marketing research to explore

the profitability of marketing strategies. They can examine why particular strategies failed and analyze characteristics of specific market segments. Managers can use

research findings to help keep current customers. Moreover, marketing research allows management to behave proactively, rather than reactively, by identifying newly

emerging patterns in society and the economy.

Describe the steps involved in conducting a marketing research project
The marketing research process involves several basic steps. First, the researcher and the decision maker must agree on a problem statement or set of research

objectives. The researcher then creates an overall research design to specify how primary data will be gathered and analyzed. Before collecting data, the researcher

decides whether the group to be interviewed will be a probability or nonprobability sample. Field service firms are often hired to carry out data collection. Once data

have been collected, the researcher analyzes them using statistical analysis. The researcher then prepares and presents oral and written reports, with conclusions and

recommendations, to management. As a final step, the researcher determines whether the recommendations were implemented and what could have been done to make the

project more successful.

Discuss the profound impact of the Internet on marketing research
The Internet has simplified the secondary data search process. Internet survey research is surging in popularity. Internet surveys can be created rapidly, are reported

in real time, are relatively inexpensive, and are easily personalized. Often researchers use the Internet to contact respondents who are difficult to reach by other

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means. The Internet can also be used to conduct focus groups, to dispute research proposals and reports, and to facilitate collaboration between the client and the

research supplier.

Discuss the growing importance of scanner-based research
A scanner-based research system enables marketers to monitor a market panel’s exposure and reaction to such variables as advertising, coupons, store displays,

packaging, and price. By analyzing these variables in relation to the panel’s subsequent buying behavior, marketers gain useful insight into sales and marketing

strategies.

Explain when marketing research should be conducted
Because acquiring marketing information can be time consuming and costly, to acquire additional decision-making information depends on managers’ perceptions of its

quality, price, and timing. Research, therefore, should be undertaken only when the expected value of the information is greater than the cost of obtaining it.

Implementing a Customer Relationship Management system is integral to deciding if marketing research should be conducted.

Explain the concept of competitive intelligence
Intelligence is analyzed information, and it becomes decision-making intelligence when it has implications for the organization. By helping managers assess their

competition and vendors, competitive intelligence (CI) leads to fewer surprises. CI is part of a sound marketing strategy, helps companies respond to competitive

threats, and helps reduce unnecessary costs.
TERMS, CONCEPTS AND VOCABULARY
behavioral targeting (BT)    experiment    open-ended question
BehaviorScan    field service firm    primary data
big data    focus group    probability sample
central-location telephone (CLT)     frame error    random error
InfoScan    random sample
closed-ended question    mall intercept interview    research design
competitive intelligence (CI)    management decision problem    sample
computer-assisted personal interviewing    marketing research    sampling error
marketing research objective    scaled-response question
computer-assisted self-interviewing    marketing research problem    scanner-based research
consumer-generated media (CGM)    measurement error    secondary data
convenience sample    mystery shoppers    social media monitoring
cross-tabulation    neuromarketing    survey research
ethnographic research    nonprobability sample    universe
executive interview    observation research

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