IMT 570 Module 1

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School

University of Washington *

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Course

570

Subject

Marketing

Date

Feb 20, 2024

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docx

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Uploaded by DeanSharkPerson1030

1.1 What Do We Mean by Research and Analysis?  Scientific Method: o Identifying the questions o Planning research o Gathering data o Analyzing data o Present findings:  Others can build off of this data  Stakeholders can make informed decisions 1.2 The Design Thinking Method  The scientific method is a standard process, and other models build off of these systematic processes o i.e. Design Thinking builds off of this for research on people (i.e. product users), starting with a problem then performing research on the assumptions for solutions  Empathize with the user  Define the problem  Ideate potential solutions by gathering user data or seeing past studies  Prototype some possible solutions to test  Test  Present  Design thinking is iterative not sequential, so you can jump around once different ideas are sparked  Managers like smaller chunks of information to quickly make decisions and adjustments 1.3 Defining the Problem  " Double Diamond in 3 Minutes" YouTube o A method of four phases:  Research: discover, develop  Design: define, deliver o Thinking wide to thinking narrow, in a pattern:  Insight into the Problem  Scope down the Focus  Potential Solutions  Solutions that Work & Receive Feedback o Continue to monitor everything in the live product to move back to discover again

 Divergent Thinking: thinking broadly with an open mind  Convergent Thinking: adding focus, identifying 1-2 key problems or solutions 1.4 Identifying the Needs of the Organization  Not only can you problem solve, but you can also capitalize on opportunities in a competitive market  Methods in Discovering Issues/Opportunities: Approach Definition Using Stakeholder Analysis Using stakeholder analysis to identify the people and organizations impacted by an issue, how it impacts them, and how they view the issue. Resource: Stakeholder Analysis  Collection of methods to analyze stakeholder priorities  Helps to identify: o Beneficiaries o Disadvantaged parties o W ho has the power to fund/push impact/block work for the research  If few stakeholders are found, there can be a lack of ownership  If stakeholders are omitted from the process, they can undermine the credibility Conducting a SWOT Analysis Conducting a SWOT analysis to identify strengths, weaknesses, opportunities, and threats faced by the organization, people, and product.

Resource: SWOT Analysis  A technique that pulls info from both internal (company strengths and weaknesses) and external (opportunities and threats) forces  Free speech from diverse individuals allows for realistic outcomes  Usually put together to support a single objective/decision for the company  Process: o Determine objective o G ather resources o C ompile ideas o R efine findings o D evelop strategy  Benefits: o Simplify complex problems o Can be applied to any business question o Leverages different data sources including external factors Reviewing Company Reports Reviewing company reports and organization intranets to get a picture of what is important to the organization and any challenges they are facing. Resource: Reviewing Company Reports  Documents summarizing a case, issue, facts, and recommendations for the goal of clear communication, making conclusions, and creating suggestions to problems  Sections include: summary, table of contents, intro, body, conclusion, reference, appendix  Types: o Informational : presentation of non-biased facts without needing to define an issue o Analytical: presents relevant information and conclusions towards an important decision o Research: most comprehensive, used when a company wants to try something new, in which all relevant statistics/details are outlined o Explanatory: explaining a topic so everyone can understand it, i.e. using tables, an explanation of results, and findings o Progress: shows how a process is going, and what tasks will next be reviewed Reviewing Reports from Analyst Firms Reviewing reports from analyst firms such as Gartner to gain insight into a particular industry or market. Resource: Reviewing Reports from Analyst Firms  Recommendations that have great impact, including on a company's stock price from a mere mention  There may be conflicts of interests between analyst reports and the company goals so they should not be solely relied upon Concept Map A concept map is a visual organization and representation of

knowledge. It shows concepts and ideas and the relationships among them. You create a concept map by writing keywords and then drawing arrows between the ideas that are related. Resource: Concept Map  Examples include Venn diagrams, flowcharts, brainstorming, outlining  To help understand a bigger picture more easily  Steps: o Identifying a concept o Create a graphic organizer o Fill in gaps with notes o Focus on how the concepts connect 1.5 Gaining Insight into Your Topic  We are in the discovery phase - explore the needs of an organization as well as the topics yet to be uncovered o Problem of Practice: an observed area of opportunity o Independent: input, dependent: output both influenced by other things called mediating variables o At each step you should be observing if your data is aligning with your hypothesis 1.6 Narrowing the Focus and Generating a Question  Leverage the organization's needs to find out the true focus, to make it as relevant as possible Category General Question Sample Management Questions Choice of Purpose or Choice of Objectives What do we want to achieve? Should we reposition brand X as a therapeutic product from its current cosmetic positioning? What goals should XYZ try to achieve in its next round of distributor negotiations? Generalization and Evaluation of Solutions (choices between concrete actions to solve problems or take advantage of opportunities) How can we achieve the ends that we seek? How can we achieve our five-year goal of doubling sales and profits? What should be done to improve the complete care program for product repairs and servicing? Troubleshooting or Control (monitoring or diagnosing ways How well is our What is our product line's sales-to-

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