Term
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Definition
• Specifies information
• Designs the method for collecting information
• Manages the data collection process
• Analyzes and communicates the results |
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Term
| When to use/not use research |
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Definition
• Time constraints: Is there time?
• Data availability: Lack of adequate info?
• Routine vs Non-Routine Decision
• Benefits vs cost
• Money/resources:
• Reliable Results if sample size is representative
• How big a sample do I need so that it represents the population? Pop size, pop variation |
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Term
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Definition
Wells Fargo example“Why are sales declining?”
o Focus groups with current and previous customers
o Results
There appears to be several reasons
• Main reasons include
o Bad customer service
o Low interest rates vs competition
o Not enough ATM’s |
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Term
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Definition
What is the major problem – Telephone questionnaire
o For the following criteria, please circle the number that best corresponds to your impression of Wells Fargo |
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Term
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Definition
o Experiment/Test Market
Will my sales be higher if I improve customer service? |
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Term
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Definition
o Unstructured exploratory research methodology
o To provide insight and understanding
o To understand a universe
o Usually uses small samples
o The answer is usually in the form of a word
o “I want to understand the criteria that people use to choose a restaurant.”
Answers: convenience and price |
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Term
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Definition
o A research methodology that seeks to quantify data
o Applies statistical analysis
o Used to generalize to the population
o The answer is usually in the form of a number
“ I want to know what percentage of the population list price as the key criteria (for restaurants)
• Answer: 50% of the population list price as #1 |
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