List the questions a decision maker must ask to determine the need for information research.

Question

What will be an ideal response?

Answer 1

To determine if research should be used to collect the needed information, the first question a decision maker must ask is: Can the problem and/or opportunity be resolved using existing information and managerial judgment? The focus is on deciding what type of information (secondary or primary) is required to answer the research question(s). With the assistance of the research expert, decision makers face the next question: Is adequate information available within the company's internal record systems to address the problem? If the necessary marketing information is not available in the firm's internal record system, then a customized marketing research project to obtain the information should be considered. With input from a research expert, decision makers must assess the time constraints associated with the problem/opportunity: Is there enough time to conduct the necessary research before the final managerial decision must be made? A cost-benefit assessment should be made of value of the research compared to the cost: Do the benefits of having the additional information outweigh the costs of gathering the information? These types of questions remain a challenge for today's decision makers.