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Principles Of Marketing (BUS 2600) Professor Freeman Wu

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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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Principles Of Marketing (BUS 2600) Professor Freeman Wu

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