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Marketing Research – BUS2600, Professor Freeman Wu
Vanderbilt University
Principles of Marketing (BUS 2600)
Why do companies need information about consumers (why is market research and information
important)?
Need for information
Managers need information about the environment (but there is so much information out
there)
Marketing research process
1. Define the problem and research objectives
**most important step of the marketing research process
What do we want to know?
Ex. Coca Cola’s big mistake
In the 1980s, losing market share to Pepsi; did blind taste tests and
determined that people liked Pepsi better; switched formula but flop; reimplemented original
Coke thought they had a “taste problem” but maybe there was a deeper
problem (need to reinvigorate the brand)
Set research objectives
Exploratory research
Purpose: gain background info/better understanding of situation; define
research problems; generate hypothesis
Data: small samples; qualitative analysis (ex. interviews, focus groups,
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