Developing an Approach to the Problem

In: Business and Management

Submitted By billwang
Words 325
Pages 2
1. Analytical Model
An analytical model is a set of variables and specification o their interrelationships designed to represent some real system or process, in whole or in part. Analytical models are very useful in the process of marketing research because they help the researchers to identify relevant research questions and hypotheses. Models can be expressed in many different forms; three of the very commonly used models are verbal models, graphical models, and mathematical models. Verbal models expresses variables and their relationships in prose form; it usually appears in statement form. In contrast, graphical models are visual. They often suggest directions of relationships but they do not provide numerical results. Graphical models are logical preliminary steps to develop mathematical models. Last but not least, mathematical models explicitly specify the relationships among variables. They usually appear in equation form. In general, analytical models are used as guides for formulating the research design.

2. Research Questions (RQs)
Research questions are refined statements of the specific components of the problem. Research questions are specific towards the problem components; they ask what specific information is required to be obtained with respect the problem components. Answers of research questions can be used for researchers to make appropriate decisions. Research questions may be further refined into one or more hypotheses.

3. Hypotheses (H)
A hypothesis can be defined as an educated guess; it is an unproven statement about a factor or phenomenon that is of interest to the researcher. Hypotheses are sometimes possible answers to the research question. It is important to setup hypotheses because they suggest variables to be included in the research design.

4. Specification of Information Needed
Throughout the process of marketing…...

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