IUB BUS-M 300 - Forecasting sales (6 pages)

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BUS M 300 1nd Edition Lecture 4 Outline of Last Lecture I Consumer Purchase Decision Process and Experience II Psychological Influences on Consumer Behavior III Sociocultural Influences on Consumer Behavior Outline of Current Lecture I The Role of Marketing Research A Step One Define the Problem B Step Two Develop the Research Plan C Step Three Collect Relevant Information D Step Four Develop Findings E Step Five Take Marketing Actions II Sales Forecasting Techniques Current Lecture I The Role of Marketing Research Marketing research the process of collecting and analyzing information in order to recommend actions A decision is a conscious choice from among two or more alternatives A Step 1 Define the problem o Setting research objectives research objectives are specific measurable goals the decision maker seeks to achieve in conducting the marketing research o Identifying possible marketing actions different outcomes lead to different marketing actions research Measures of success criteria or standards used in evaluating proposed solutions to a problem B Step 2 Develop the research plan o Requires that the researchers 1 Specify the constraints on the marketing research activity o Constraints restrictions placed on potential solutions to a problem 2 Identify the data needed for marketing actions o Focus on collecting data that will help managers make a clear choice 3 Determine how to collect the data o Two key elements are used Concepts ideas about products or services New product concept picture or verbal description of a product or service the firm might offer to sell Methods the approaches that can be used to collect data to solve all or part of a problem C Step 3 Collect Relevant Information o Collecting enough relevant information to make a rational informed marketing decision sometimes simply means using one s knowledge to decide immediately o Data the facts and figures related to a problem o Secondary data facts and figures that have already been recorded