Management Decision Problem and MR problem

WHAT THE DECISION MAKER NEEDS TO DO? (management problem)

WHAT INFORMATION NEEDED AND HOW IT CAN BE OBTAINED IN THE MOST FEASIBLE WAY (MR problem)

Management Decision Making problem

Action oriented Possible actions can be taken by management Symptoms

Marketing Research Problem

Information Oriented What information needed? How can they be obtained effectively and efficiently Underlying causes Researcher needs to translate Researcher needs to understand the origin, nature of the management problem analytical point of view

Allocate advertising budget among media Introduction of new product Evaluate use of services on Saturday and determine if customers can do these on weekdays Decide whether to keep office open on Saturdays Estimate % of awareness generated by each media type Design a test marketing situation such that the effect of a new program can be estimated

Measure current image of the product Increase the sales of a product Determine the consumer preferences and purchase intentions for the proposed new product Should the price of the brand be increased Determine the effectiveness of the current advertising campaign Determine the price elasticity of demand and the impact on sales and profits of various levels of price changes

Should a new product be introduced Should the advertising campaign be changed Determine consumer preferences and purchase intentions for the proposed new product

Step 2 Developing an Approach

Marketing research

Objective/Theoretical Framework
Objective evidence and supported by theory Theory conceptual scheme based on fundamental statements called axioms which are assumed to be true Objective evidence evidence that is unbiased and supported by empirical findings

Analytical Model
Set of variables and their interrelationships design to represent in whole or in part, some real system or process. Models
o o o

verbal, Graphical mathematical

Research Questions
Refined statements of the specific components of the problem Each component may have broken down into subcomponents of research questions The formulation of research questions should be guided not only by the problem definition, but also by the theoretical framework and the analytical model

Hypothesis
Unproven statements or proposition about a factor or phenomenon that is of interest to the researcher Hypothesis is possible answer to a research questions

Specification of information needed

Focus each components of the problem and the analytical framework and models, research questions and hypothesis Researcher should determine what information should be obtained

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