BUSI 520 Chapter Four Notes
Summary
1. Companies can conduct their own marketing research or hire other companies to
do it for them. Some of the ways companies can creatively and affordably conduct
research include: engages students or professors to design and carry out projects;
use the Internet; check out rival; tap into marketing partner expertise; and tap into
employee creativity and wisdom.
2. Good marketing research is characterized by the scientific method, creativity,
multiple research methods, accurate model building, cost-benefit analysis, healthy
skepticism, and an ethical focus.
3. The marketing research process consists of defining the problem, decision
alternatives, and research objectives; developing the research plan; collecting the
information; analyzing the information; presenting the findings to management;
and making the decision.
4. In conducting research, firms must decide whether to collect their own data or use
data that already exist. They must also choose a research approach (observational,
focus group, survey, behavioral data, or experimental) and research instruments
(questionnaire, qualitative measures, or technological devices). In addition, they
must decide on a sampling plan and contact methods (by mail, phone, in person,
or online).
5. Two complementary approaches to measuring productivity (1) marketing metrics
to assess marketing effects and (2) marketing-mix modeling to estimate causal
relationships and measure how marketing activity affects outcomes. Marketing
dashboards are a structured way to disseminate the insights gleaned from these
two approaches within the organization.
6. Assessing the ROI of social media is challenging but requires a range of shortterm and long-term financial and brand-related measures. Although Facebook
“likes” and Twitter tweets provide some sense of engagement for a brand, a more
complete set of measures is typically needed to get a more accurate picture of
social media or other online activities.
PowerPoint
Conducting Marketing Research
The Scope of Marketing Research
 American Marketing Association (AMA)
o AMA: Marketing research specifies the information required to address
these issues, designs the method for collecting information, manages and
implements the data collection process, analyzes the results, and
communicates the findings and their implications.
o Marketing research is a function that links the consumer, customer, and
public to the marketer through information—information used to identify
and define marketing opportunities and problems; generate, refine, and