Marketing Research Marketing Management - 1862 Words

Marketing Research Introduction Marketing research is â€Å"the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.† (Kerin, Hartley, Rudelius, 2015) Marketers use marketing research to improve and reduce the risk of marketing decisions. The role of marketing research is to provide management with significant, precise, consistent, valid, and up-to-date information. Marketing research is not a flawless tactic to solve marketing problems, but it does decrease the chance of making irrational decisions. Marketing managers have to make various decisions to satisfy customer needs. â€Å"They make decisions about potential opportunities, target market selection, market†¦show more content†¦Ã¢â‚¬Å"Five-step marketing research approach leads to marketing actions. Lessons learned from the past research mistakes are fed back to improve each of the steps.† (Kerin et al, 2015) First Step: Define the Problem The first step marketing researchers follow is defining the problem. Once the problem has been stated, they must set the research objectives. Research objectives is specific, measurable goals that need to be met in order to reach a solution. In order for research objectives to be effective the researcher must understand the purpose of the marketing actions. There are three types of marketing research. Exploratory research provides ideas for a problem that has yet to be clearly defined. Descriptive research allows researchers to see the connection between two different elements. Causal research lets the researchers determine how one change to an independent variable manipulates the dependent variable. Defining the problem and forming appropriate research objectives are very challenging tasks for the researchers. If the objective is too broad it is nearly impossible to conduct research on it. However, if the objective is too narrow there is a chance the researchers will not be able to obtain enough information to help find a solution to the original problem. Step 2: Develop the Research Plan After the research objectives have been established and explored, researchers must develop the research plan. The researcher must