Using Market Research to Reduce Movie Risks
• Before showing movie ask demographical questions
• Ask question regarding attitudes about movie
The Role of Marketing Research
• Describe what it is
• Identify the difficulties in conducting Market Research
• Five steps Marketing executives use while conducting research
Marketing Research is of solving a marketing problem and opportunity by collecting data, analyzing it, and recommending potential solutions.
Five-Steps Marketing Research Approach to Making Better Decisions
“Decision is a is a conscious choice among two or more alternatives”
• Define the Problem – Establish research objectives that are measurable and specific.
o Exploratory Research provides ideas about problems that are not clear
o Descriptive Research attempts to identify how often something occurs or the depth of a relationship between two factors.
o Causal relationship – An attempt to identify how the change in one factor affects another
Measures of Success - Measures developed by effective decision makers that follow a set standard of criteria to evaluate a proposed solution to a problem.
• Develop the research plan – Identify constraints and data necessary and how to collect it. Constraints are the restrictions placed on potential solutions to a problem.
• How one collects data is based on concepts and methods
o Concepts are the ideas and beliefs about product or service
o Methods is the way that data is collected to solve all or part of a problem
• Sampling is using a small representative group to predict how a larger group may react of put in the same situation. There are two types of sampling
o Probability Sampling- Is a concise measurement that is time consuming because it requires taking a sample that is representative of the entire population
o Non-probability Sampling- Least time consuming and used when in a crush for time and budget.
• Collect relevant information – Identify secondary...