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? Define Marketing Research(Zikmund, 2003):
is the systematic and objective process of generating information to aid in making marketing decisions (i.e. marketing decisions including market size, advertising and promotion, product design, price point, brand, distribution and segmentation.).
? Define Conceptual Model:
1. A conceptual model comprises variables and their interrelationships.
2. By understanding these interrelationships, we can make better prediction of the consequences of changing the offering value.
3. Diagrammatically, we use arrows to show significant interrelationships between variables (examples are showing below).
? Define Analytic Model:
1. An analytic model is a conceptual model where interrelationships are quantified.
2. This enables quantitative predictions of the consequences of changes to the marketing mix or value proposition.
3. Diagrammatically, the coefficient is shown alongside their respective arrows (examples are showing below).
? Define Hypothetico-Deductive Model (Exam Q):
Hypothetic-Deductive Model is a conceptual model and its name derives from the hypothesized cause-effect relationships.
1. DV (Dependent variables): represent the outcomes or effects of the phenomenon in response to changes in the casual variables. A dependent variable (DV) changes in response to changes in an independent variable (IV). They are the variables that the marketer seeks to influence th ...