Executive Summaries, Data Interpretation, Collinearity
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McDaniel, C. & Gates, R. (2011). Marketing Research (Ed 9). Canada: John Wiley & Sons
1. The question of data interpretation is not fully resolved in business today. Someone must still look at the data and decide what they really mean. Often this is done by the people in marketing research. Defend the proposition that persons in engineering, finance, and production should interpret all marketing research data when the survey results affect their operations. What are the arguments against this position?
2. Describe the potential problem of collinearity and multiple regression. How might a researcher test for collinearity? If collinearity is a problem, what should the researcher do?
3. What are the roles of the research report? Give examples.
4. Why should research reports contain executive summaries? What should be contained in an executive summary?
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Solution Summary
This detailed solution provides help for market research questions, in regards to data interpretation by those in finance, HR, etc.; the potential problem of collinearity and multiple regression and how a researcher might test for collinearity, and if collinearity is a problem, what the researcher should do. It also explains role of research report with examples and the importance of executive summaries. Includes reference.
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1. The question of data interpretation is not fully resolved in business today. Someone must still look at the data and decide what they really mean. Often this is done by the people in marketing research. Defend the proposition that persons in engineering, finance, and production should interpret all marketing research data when the survey results affect their operations. What are the arguments against this position?
Persons in engineering finance and production should interpret all marketing research data when the survey results affect their operations. McDaniel & Gates (2011) cite examples in the text citing how McDonald's backs up suggestions to franchisees with research data, and Proctor & Gamble's focus on utilizing market research to manage their brands. It is through the interpretation of data by individuals of differing backgrounds that connections and creative solutions can develop. Engineers are able to create better products by virtue of better understanding of customers. Market research data interpretation can encourage people in finance to more accurately allocate funds or better understand their customer, leading to better service. It also helps to "forecast revenue spurts from older products" (McDaniel & Gates, 2011, p. 39). Data interpretation is cited in the text as helping manufacturing and production to improve the quality of product. Human Resource managers can use marketing research information to query employees on benefits, and company culture.
However, some would argue against this position, citing the notion that each of these departments is filled with experts that ...
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