Join Cheryl Ladd for an in-depth discussion in this video Formulating the problem, part of Marketing Foundations: Market Research.
- Albert Einstein once said,…"If I had an hour to solve a problem…"and my life depended on it,…"I would use the first 55 minutes…"determining the proper question to ask,…"for once I know the proper question,…"solving the problem is easy."…The formulation of a problem is often…more essential than its solution,…so it is with market research.…Understanding the nature of the problem…will ensure that the right problem is being investigated,…and that the information obtained…will be useful to solving the problem at hand.…
To illustrate, let's consider a very simple example.…Let's say that Joe, the head of marketing,…asks you to conduct a study to evaluate the effectiveness…of the most recent ad campaign.…Sounds pretty straightforward right?…Off you go, and you come back with the results…showing that the campaign was moderately effective.…You've done your job, and given Joe what he asked for,…but what if Joe's real question is how much…should we allocate to the advertising budget,…or why aren't sales higher?…Does knowing the effectiveness of the ad campaign…
The course also explores how marketing research evolves throughout a product lifecycle and identifies possible stumbling blocks and ethical considerations when performing market research.
- Understanding market search
- Determining the research approach
- Understanding the types of research: qualitative to quantitative
- Developing questions
- Collecting data
- Analyzing data
- Preparing reports
- Identifying potential issues in marketing research