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Unit One Quiz Study Guide Marketing Research Managers need information in order to introduce products and services that create value in the mind of the customer. But the perception of value is a subjective one, and what customers value this year may be quite different from what they value next year. As such, the attributes that create value cannot simply be deduced from common knowledge. Rather, data must be collected and analyzed. The goal of marketing research is to provide the facts and direction that managers need to make their more important marketing decisions. To maximize the benefit of marketing research, those who use it need to understand the research process and its limitations. Marketing Research vs. Market Research These terms often are used interchangeably, but technically there is a difference. Market research deals specifically with the gathering of information about a markets size and trends. Marketing research covers a wider range of activities. While it may involve market research, marketing research is a more general systematic process that can be applied to a variety of marketing problems. The Value of Information Information can be useful, but what determines its real value to the organization? In general, the value of information is determined by: The ability and willingness to act on the information. The accuracy of the information. The level of indecisiveness that would exist without the information. The amount of variation in the possible results. The level of risk aversion. The reaction of competitors to any decision improved by the information. The cost of the information in terms of time and money. The Marketing Research Process Once the need for marketing research has been established, most marketing research projects involve these steps: Define the problem Determine research design Identify data types and sources Design data collection forms and questionnaires Determine sample plan and size Collect the data Analyze