Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is involved in marketing research, and why do companies use it? Describe how it is used each of the following marketing research methods: Perceptual

  1. What is involved in marketing research, and why do companies use it?
  2. Describe how it is used each of the following marketing research methods:
    • Perceptual mapping for positioning
    • Scanner data for pricing and coupon experiments and brand switching
    • Surveys for assessing customer satisfaction
    • Focus groups for concept testing
    • Cluster analysis for segmentation
    • Conjoint analysis for testing attributes
  3. Assume you are a top-level manager and decided to use a single focus group. You get excited you will know what some customers say and be able to prepare a marketing plan with the results. Why do you know this is premature? Conversely, how many focus groups are enough to support a marketing plan?
  4. Imagine designing a conjoint analysis for an ice cream parlor. In particular, you're in charge of the phone and curve orders. While they're a simple foodstuff, they can be created in many combinations. What factors should you test in terms of your customers' likely preferences? Design a conjoint analysis that would identify 2 or 3 popular combinations that your customers could order daily. Which combination would make your customers most satisfied?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managing Controlling and Improving Quality

Authors: Douglas C. Montgomery, Cheryl L. Jennings, Michele E. Pfund

1st edition

471697915, 978-0471697916

More Books

Students also viewed these Marketing questions