What type of marketing decision needs to be made to answer the question, ‘How much will this research study cost?’

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BlackTom AI · Accepted Answer

The question asks: What type of marketing decision needs to be made to answer the question, ‘How much will this research study cost?’
Option 1: data analysis. This choice would focus on processing and interpreting data, not on deciding the cost of the study itself. It is a subsequent step after a decision about conducting research, not the decision about the cost.
Option 2: problem definition. Defining the problem is about clarifying what needs to be studied and why, but it does not specify the cost of the study. It’s an earlier planning stage, not a budgeting decision.
Option 3: data gathering. Data gathering concerns collecting information needed for the study. While cost is a consideration during planning, data gathering itself is a phase of collecting data, not the overarching budgeting or cost decision.
Option 4: overall evaluation. This option refers to assessing the entire scope, feasibility, and budget implications of the marketing study. Determining the cost of the research study is a comprehensive budgeting and evaluation decision that influences whether the study proceeds and how it’s designed. It encapsulates cost estimation as part of a larger assessment.
In summary, the cost question is tied to budgeting and feasibility assessment, which aligns with an overall evaluation of the project rather than the more narrow activities of analysis, problem definition, or data gathering.

MKTG1047 Chapter 2

What type of marketing decision needs to be made to answer the question, ‘How much will this research study cost?’

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