MKT 230 1st Edition Lecture 7 Outline of Last Lecture I. Social Responsibilitya. Marketing Citizenshipsb. Pyramid of Corporate Social ResponsibilityII. Marketing Ethics Outline of Current Lecture I. Marketing ResearchII. Marketing Research Processa. Types of Researchb. Reliability and ValidityIII. Types of DataCurrent Lecture – Wednesday, February 4, 2015I. Marketing Research – systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities- Typical costs include initial design, analysis or results, report writing, and report presentation – can get VERY pricy- Concerns with spending moneyo Don’t want to waste money on information that is not usefulo You want to one up your competitors o Information collected needs to be valid and relevanto Are we talking to the right people?- Benefits of marketing research+ Make sure we don’t fail and increases our chance of success+ Facilitate strategic planningThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.+ Assess opportunities and threats+ Ascertains potential for success+ Helps determine feasible strategy+ Improves ability to make decisions**You want to examine customer expectations, “It’s not what people think, it’s what they do.”*II. Marketing Research Process- First step is MOST IMPORTANTo You need to know what the problem is in order to know what direction to go in- Step 1: Locate and define issue or problemo What is the problem and why are we doing thiso Focus on uncovering the nature and boundaries of a situationo MUST DEFINE PROBLEMo Determine precisely what is going to be done and what needs to be accomplished- Step 2: Designing the Research Projecto Research design – an overall plan for obtaining information needed to address a research problem or issueo Hypothesis – Informed guess about a certain problem or set of circumstances To accept or reject the hypothesis acts as conclusion for research efforts This is what we expect to find- Types of research:Locate and define issues or problemLocate and define issues or problemDesign the research projectDesign the research projectCollect dataCollect dataInterpret research findingsInterpret research findingsReport research findingsReport research findingso Exploratory Research – conducted to gather more information about a problem or to make a tentative hypothesis more specific Typically general researcho Conclusive Research – Designed to verify insights through objectives procedures and to help marketers in making decisions This is more specific to help figure out a specific type of problem Example: finding a percentage, you need specific numbers not just a general overviewo Descriptive Research – used to clarify characteristics of a certain phenomenao Experimental Research – allows marketers to make causal inferences about relationships Provides a strong evidence for cause and effect Uses independent and dependent variables- Reliability and Validityo Both are VERY criticalo Reliability – produces almost identical results in repeated trials What I am measuring will have consistent resultso Validity – the research measures what it is supposed to measure Asking the right questions at the right time to the right peopleo If research is both reliable and valid then it has a good format- Step 3: Collecting Datao Example: surveys, secondary information, observationsIII. Types of Data- Primary data – directly from respondentso Collected to address specific problems that cant be answered by secondary data alone- Secondary data – complied inside and outside of the organizationo Example: customer service reports or sales reports- External sources of secondary datao Best sources – US government reportso Example: Census  shows demographics within a certain area or zip code, age distribution, education levels, etc.o Trade shows  see other companies new productso Internet has some great sources as well, like annual reports from corporate