1. Wednesday, October 15, 2014

2.  The gathering and analyzing of data to provide a business with information on consumers’ needs and wants  Used to  Plan  Problem solve  Control

3.  What factors will affect changes in consumer purchasing  What new markets can be targeted  Domestic  International  What are the effects of trends in our economy

4.  Product  What new products should be introduced?  How should they be packaged?  What features?  Price  How much should we charge?  How much are competitors charging?  How much do prices effect our sales?

5.  Place  How do we get our products to our consumers?  Is there a more efficient way?  Would our customers prefer direct selling?  Promotion  What should our advertising/promotion budget be?  How should we be allocating it amongst products

6.  How do our sales compare with our targets  How does our market coverage compare with our targets?  What is our “corporate image”  Present customers  Potential customers  Distributors  Competitors

7.  Marketing decisions require information to help predict what will happen after we make those decisions  83% of manufacturers of consumer products have formal marketing research departments  93% of publishing and Broadcasting companies  85% of advertising agencies

8.  You know your company and the research problem better than anybody else  More contact and control while researching information  More likely to keep the information within the company  Don’t have to worry that somebody is going to sell the information to a competitor

9.  Can obtain specialists in the field of question  Opportunity for unbiased research  Opportunity for saving money

10.  There are many different forms of research such as  Questionnaires  Field work  Statistics  Mathematical analysis

11.  Focus on for this class  Open and closed ended questions  Order of questions  Points to consider

12.  Usually take the form of multiple choice  Saves time and reduces the burden on people  May not be the exact answer people want to give

13.  Asks for opinions with no set of responses  Truly reflects the opinion  Requires more thought and time  Open to interpretation  Difficult to analyse information

14.  Avoid randomization of questions  Begin with questions that raise an interest  Keep similar questions together  End with demographics  Age  Sex  Level of income

15.  Questions must be clear  Avoid  Leading questions  Embarrassing questions  Hypothetical questions  Biased questions