In a short essay, list and discuss the six steps in the marketing research process
What will be an ideal response?
Step 1: Defining the Problem - the first step in any marketing research project is to define the problem. Researchers accomplish problem definition through discussions with the decision makers, interviews with industry experts, analysis of secondary data, and some qualitative research, such as focus groups.
Step 2: Developing an approach to the problem - this includes formulating an analytical framework and models, research questions, and hypotheses. This process is guided by the same tasks performed to define the problem.
Step 3: Formulating a research design - a research design is a framework or blueprint for conducting the marketing research project. It details the procedures needed to obtain the required information. A study may be designed to test hypotheses of interest or determine possible answers to the research questions, both of which contribute to decision making.
Step 4: Doing fieldwork or collecting data - data collection is accomplished using a staff that operates in the field. Fieldwork involves personal, telephone, mail, or electronic interviewing. Proper selection, training, supervision, and evaluation of the field force are essential to ensure high-quality data collection.
Step 5: Preparing and analyzing data - data preparation involves data-processing steps leading up to analysis. This includes the editing, coding, and transcribing of collected data. This entire process must then be verified for accuracy. The results are interpreted in order to find conclusions related to the marketing research problem.
Step 6: Preparing and presenting the report - the entire project should be documented in a written report that addresses the specific research questions; describes the approach, the research design, data collection, and data analysis procedures; and presents the results and the major findings.
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A major portion of many research budgets is devoted to ________ research, performed by administering questionnaires to people
A) focus group B) survey C) interview D) simulation
The computation of the pension liability for a defined benefit plan uses actuarial estimates or actuarial assumptions of
a. actual interest rates. b. estimated employee mortality, only. c. actual employee turnover, only. d. estimated employee turnover, mortality, and interest rates. e. actual employee turnover, mortality, and interest rates.
In a merchandise business, sales minus operating expenses equals net income
Indicate whether the statement is true or false
A useful guideline in designing strategy-facilitating policies and operating procedures is
A. to prescribe enough policies and procedures that little is left to chance in performing value chain activities, and employees should have no leeway to do things in a manner that deviates from the company's best-practices standard. B. to prescribe enough policies to give organizational members clear direction in implementing strategy and to place reasonable boundaries on their actions. This then empowers them to act within these boundaries in pursuit of company goals. C. that strictly enforced policies work better than loosely enforced policies. D. that more policies/procedures work better than fewer policies/procedures, and that strict enforcement always beats lax enforcement. E. to let individuals act in an empowered and self-directed way, subject only to the constraint that their actions and behavior be ethical and in step with the corporate culture.