Summary of Chapter 7
General Aviation Marketing and Management Second Edition by Alexander T Wells and Bruce D. Chadbourne
Chapter 7 Summary
Toni R. Burgos
Through research, management can reduce uncertainty in decision making. It is an integral part of any management information system that provides a flow of inputs useful in marketing decision. Marketing research is the systematic process of gathering, recording, analyzing, and utilizing relevant information to aid in marketing decision making. -Marketing research has a broad scope including various types of studies, these studies can be grouped into four major categories. (1) market measurement studies, (2) marketing mix studies, (3) studies of the competitive situation, and (4) studies of the uncontrollables. Market Measurement Studies: are designed to obtain quantitative data on potential demand. Concerning marketing mix studies, elements of the marketing mix are product, place, price, and promotion. Companies study the competitive position of their own products and services.
The studies of uncontrolables are the studies of business trends, economic data, and industry statistics through the process of environmental scanning are the most widely used type of study in this category.
The Marketing Research Processconsists of a series of activities: defining the problem and research objectives, designing the research, collecting the data, preparing and analyzing the data, and presenting the findings. Collecting information is too costly to allow the problem to be defined vaguely or incorrectly. At this point management needs to set the research objectives. At the end of this first step, the researcher should know (1) the current situation. (2) the nature of the problem; and (3) the specific question or questions the research will be designed to answer. Secondary Data consists of information that already exists, having been collected for another purpose. Internal Secondary Data is available within the company.