Question

Palmer Inc. recently changed its promotional strategies for marketing the products. The marketing team at Palmer has been asked to evaluate the target market and the marketing mix elements to find ways to improve the effectiveness of the marketing strategies. Since the firm already knows the purpose of its research, the next step in the marketing research process is to:

Answer 1

Formulate a hypothesis. This next step would be important to analyze with scenario creation the situation established in the decision making of the marketing team. The added benefits of conducting a hypothesis test would be to analyze data from two or more hypotheses developed to confirm the effectiveness of the decisions made and to help the team make the most effective decision for the organization.