As every marketing academic professional are already well acquainted
the importance of marketing research for every management decision making for
the modern organizations, the case study of fisher price company (www.fisherprice.com) portrays the simple
5 steps research approach for making better decisions.
Step 1: (define the problem)
Proper definition of the problem will allow the decision
maker to rely more on the academic point of view or perspective. Setting an objective is also necessary to
allow the problem solver to have proper directives in finding the exact
solution.
Step 2: (develop the research plan)
Once the researcher has the objective to follow, a good
research plan must follow in order to materials the objective in a more
detailed program.
Step 3: (Collect Relevant Information by Specifying)
In data collection, a correct and accurate data must be the
source for the raw reference to have an accurate analysis using the proper mathematical
or statistical function. Thus, having
this accurateness will result to an accurate finding.
Step 4: (Develop Findings)
After collecting the data, gathered data must be analyst in
a correct manner or else even though the data is accurate but the analysis
tools are not the proper measurement tools used, the overall result is still
GIGO.
Step 5: (Take marketing actions)
From the result of the research conclusion, proper
implementation based from the conclusion must be properly followed to avoid
information errors.
CASE APPLICATION:
Since Wendy’s starts
to expand in Asia for their business operation, the company conducted a massive
research projects by connecting to the academic society in Asia in order to
acquire the right academic business information for marketing their products
and the company as a whole. Wendy’s further used the aid of the electronic
data system of the company to enhance the data gathering.
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