Author Question: Name and describe the four possible functions research serves in ... (Read 56 times)

SO00 · **on:** Jun 29, 2018

Name and describe the four possible functions research serves in business.

Question 2

In the marketing management process, essential sets of information required for planning include all of the following except
a. marketing mix variables c. marketing mix variables
b. situational variables d. performance variables

anoriega3 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

The four possible function research serves in business are:
(1) Foundational - answers basic questions (e,g., What business should we be in?)
(2) Testing - addresses things like new product concepts or promotional ideas (e.g., How effective will they be?)
(3) Issues - examines how specific issues impact the firm (e.g., How does organizational structure impact employee job satisfaction and turnover?)
(4) Performance - monitors specific metrics including financial statistics like profitability and delivery times. They are critical in real-time management and in what-if types of analyses examining the potential impact of a change in policy.

Answer to Question 2

A
For the purpose of planning, marketing researchers seek to answer questions regarding three essential sets of information, corresponding to the measurable types of variables in the marketing system: situational variables, marketing mix variables, and performance measures. Marketing mix variables are those under the firm's control.