Research and the Research Process

Types of Marketing Research Exploratory Research Descriptive Research Causal Research …relates to Uncertainty

Exploratory Research Initial research to clarify a problem or opportunity Basis for further research

Descriptive Research Describes the nature and characteristics of a market or situation e.g. much of Market Research is descriptive

Causal Research Describes the nature off variables and cause and effect relationships e.g. Market Modeling

The Research Process A logical set of stages that research goes through o produce ROBUST and RELEVANT Marketing Intelligence

Logical Process

Is the Research Justified? Cost of research (money and time) is justified by… Efficiency- cost v. profitability Confidence required – impact of decision

Define Research Objectives Clear idea of marketing problem / opportunity / decision 2. SMART objectives