The management of Acme Wholesaling, Inc. has asked you, as a preliminary to the research project, to prepare a memorandum that describes marketing research as a concept and the process of marketing research. In this memo, you should include the following:
- Explain why marketing research is necessary to a firm that sees itself as “marketing solutions to customer needs.”
- Discuss how the research that you plan to undertake would harvest data and transform them into information.
- Describe the distinction between descriptive, exploratory, and causal research. Which you plan to undertake?
- Create an outline of the steps in the research process, and explain why each one is important in the sequence that you set out.
Set up at least 2–3 research questions that you feel need to be answered by your research project to properly predict the likelihood of success of the Acme Wholesaling, Inc. product venture. These questions should be worded as such, and they can be either closed-ended or open-ended. Explain briefly why you think each question is so critical to the success of the venture.
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