Transcript ppt_ch03
Chapter Three Decision Problems, Research Questions, Research Objectives and Information Value Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-1 Learning Objectives Describe the nature and purpose of a marketing research project Explain the critical elements of problem definition in marketing research Determine the expected value of information that is obtainable through marketing research Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-2 Introduction PHASE I: Establish the research parameters Marketing Research Step 1: Determine the problem A sound marketing research approach is paramount: Determining the relevant business problems is crucial Sound marketing research increases the probability of making good business decisions Data and information are only as good as the research design and the problem definition Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-3 Phase I: Establish the Research Parameters—Chapter Overview PHASE I: Establish the research parameters Marketing Research Step 1: Determine the problem Task 1: Define the decision problem Determine if it is a symptom or a true problem, then precisely specify the decision problem Task 2: Specify the research question The most critical step in the marketing research process Reformulate in scientific terms and restate the initial variables (how, what, where, when or why) Task 3: Establish the research objective Provide the guidelines for determining which other marketing research steps must be undertaken Task 4: Evaluate the benefits of the expected information Assess the expected benefits to be derived Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-4 Task 1: Define the Decision Problem Identify the decision problem Marketing research is required when a decision problem is related to a firm’s performance Determine the purpose of the research Apply the Iceberg Principle: Exhibit 3.1, page 70 Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-5 Task 1: Define the Decision Problem Understand the complete problem situation Conduct a situation analysis Identify measurable symptoms Separate the root problem from the observable and measurable symptoms Clarify the real decision problem by separating possible causes from symptoms Determine the unit of analysis Data should be collected about—individuals, households, organisations, etc. Determine the relevant variables Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-6 Task 1: Define the Decision Problem Determine the relevant variables Identify the different independent and dependent variables Determine the types of information Facts, estimates, predictions, relationships Specific constructs (concepts or ideas about an object, attribute or phenomenon that are worthy of measurement) See Exhibit 3.2, page 72: Examples of constructs routinely investigated Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-7 Task 2: Specify the Research Question Define the decision problem in scientific terms—Exhibit 3.4, page 74 Develop specific marketing research questions How, when, where, who and why statements Develop hypotheses Statements about possible relationships between two or more market factors Includes the precise variables or constructs to be measured Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-8 Task 3: Establish the Research Objective Develop precise statements of what the research project will achieve Specific research objectives Specify the information that is required to assist management’s decision-making capabilities Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-9 Task 4: Evaluate the Benefits of the Expected Information Determine the true benefits to be gained from acquiring the information Conduct a benefits-analysis See Exhibit 3.5, page 75 Continue the research if the expected value is high. See Exhibit 3.6, page 77 Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-10 Task 4: Evaluate the Benefits of the Expected Information Type of information Does the decision problem require only subjective information, or does it require secondary or primary data? Nature of decision Does the decision have strategic or tactical importance? Availability of data Does adequate information for addressing the defined decision problem already exist? Time constraints Is there enough time to conduct the research? Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-11 Task 4: Evaluate the Benefits of the Expected Information Resource requirements Is money budgeted for formalised research? Benefits versus costs Does the benefits of having the additional information outweigh the costs of gathering the information? Marketing research should only be conducted when the expected value exceeds the costs See Exhibit 3.7, page 79 Might the additional information have unintentional consequences or motivations? Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 3-12