Translating marketing management problems to marketing research

management decision problem (symptom)

management decision problem is a issue faced by managers/directors that focuses on symptoms and asks what concreate steps a business should take

ex. “Should company A invest to produce more product?”

Marketing research problem (cause)

marketing research problem is a problem that addresses the underlying causes of symptoms by asking what specific information is needed and how best to obtain to help solve the management problem

ex. To determine if consumers would be loyal buyers of the brand in the long-term" (investigating underlying consumer preferences and perceptions, such as dark orange coloring creating a perception of high sugar content)

what are the 5 internal factors to consider before conducting marketing research?

1. past info. and forecasts: historical sales, baseline data for trends and expiations

2. resources and constraints: operational, financial, and physical limitations

3. objectives of decision makers: goals, preferences, and risk tolerance of leadership

4. buyer behavior: consumer buying habits, consumer decision making processes

5. marketing technological skills: internal capabilities, technical expertise

what are the external factors to consider before starting marketing research?

• legal environment: regulatory laws

• economic environment: market conditions

problem audit

problem audit is a comprehensive examination of a marketing problem with the purpose to understand its origin and nature

broad statement

broad statement is the generalized goal of the marketing research project.

ex. “determine why retail stores sales are declining”

conceptual framework and models

conceptual framework and models using established theories and models to guide how the broad statement is divided into logical sub-componets

specific components

specific components are breaking the general goal into detail focused aeras

analytical model

analytical model is a set of variables and their interrelationships designed to represent a system or process

graphical models

graphical models are visual. they are used to isolate variables and suggest direction of relationships

research questions (RQ)

research questions are refined statements of specific components of the problem

what is the order to translate DM problem to marketing research