Management Decision Problem:
When a situation arises that necessitates the management of a company to make a decision that necessitates research, we have a Management Decision Problem.
Marketing Research Problem:
The term “research problem” refers to an area of interest that necessitates an in-depth examination of a particular subject, condition, contradiction, or issue.
Instead of asking what a manager should do, marketing researchers want to know what they should know and how they can get it. Making an informed decision can be aided by research. Decisions made in management are action-oriented. It focuses on what the DM can do in the game.
Is a new market segmentation scheme absolutely required?
Do we really need a new product?
Do we need more money for marketing?
When a product line loses market share, it’s a good example of this. What’s troubling the Decision Maker doesn’t know how to make up for this setback. In addition to introducing new products and altering other aspects of the marketing mix, another option is to modify existing products or segment the market. If the DM and the researcher are of the opinion that the problem is due to an incorrect segmentation of the market, they would like research to shed light on the matter.
The research problem would shift to the identification and evaluation of a new market segmentation framework. It’s important to keep in mind that this is a collaborative process. The example of a department store shows the distinction between the management decision problem and the marketing research problem and the interactive nature of the problem definition process. However, you have to learn artificial intelligence, business intelligence, and competitive intelligence.
Management Decision Problems Vs the Marketing Research Problem:
|Management Decision Problem
|Marketing Research Problem
|Questions the decision-responsibilities maker’s
|Questions about what information is needed and how to obtain this information.
|Motivated by results rather than goals
|Focused on information
|Focuses on the symptoms
|Examines the root of the problem
For a better understanding of the differences between managerial decision-making and marketing research, consider the following examples:
|MANAGEMENT DECISION PROBLEM
|MARKETING RESEARCH PROBLEM
|If so, what kind of product would you like to see developed?
Assessing potential customers’ desire for and intention to purchase a new product.
Is it necessary to alter the current public relations strategy?
|In order to evaluate the current advertising campaign’s efficiency
Should the brand’s price be raised?
To ascertain the effect of various price changes on sales and profits and the elasticity of demand for price changes
Moreover, there are lucrative careers in Marketing Research. Anyone can build one’s career in this field.