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Ch 5 marketing research and information systems ­marketing research­ the systematic design, collection, interpretation, reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities ● Research­ process of gathering information that is not currently available to decision makers ● Purpose is to inform an organization about customers’ needs and wants, marketing opportunities for particular goods and services, and changing attitudes and purchase patterns of customers ­ 5 steps of the market research process 1. Locating and defining issues or problems 2. Designing the research project 3. Collecting data 4. Interpreting research designs 5. Reporting research findings ­locating and defining issues or problems ● The first sign of a problem is a departure from some normal function ● Ex: company wanted 12% sales increase but only got 6% (this is our problem) ­Designing the research project ● Research design­ an overall plan for obtaining the information needed to address a research problem or issue ● Includes formulating a hypothesis and choosing what type of research to use ● Hypothesis­ an informed guess or assumption about a certain problem or set of circumstances ● Exploratory research­ research conducted to gather more information about a problem or to make a tentative hypothesis more specific ● Conclusive research­ research designed to verify insights through objective procedures and to help marketers in making decisions a) Descriptive research­ conducted to clarify the characteristics of certain phenomena to solve a particular problem b) Experimental research­ research that allows marketers to make casual inferences about relationships (requires independent and dependent variable) ● Look in day 4 of lecture powerpoint for more details between the two ­reliability­ a condition that exists when a research technique produces almost identical results in repeated trials ­validity­ a condition that exists when a research method measures what it is supposed to measure