CFMP Market Research 15% Flashcards
Define qualitative data
Information on how people think
Information about how people think, feel and talk about a need or product. Best obtained with one on one interviews, in-depth interviews with small groups, or focus groups of 10 to 12 people who represent the target audience and is led by an experienced moderator. Also intercept interviews.
Define quantitative data
Statistical information which can be applied to a larger population
Generating percentages, frequency distributions, and other statistical information that identify similarities and differences among various groups of respondents. The quantitative info can be projected to the entire customer base and used to gauge a broad level of understanding.
Explain secondary data
Data collected for a general purpose. Secondary data is collected first, it is general in nature. Secondary data can be internal such as reports from accounting, administration, or information gathered at the point of sale or external meeting from regulatory agencies, ABA, trade associations, Federal government, state and local government, media
Explain primary data
Primary data is collected for a specific need when secondary information is not enough. Primary data can include customer survey’s, shopping competitive banks for specific rates etc. Internal primary data might include observing customer behavior at the point-of-sale, intercepting customers after transactions with a short survey, complex multistage study including small group discussions or personal interviews by phone or mail
What are the six steps for a market research study?
Define the problem. Plan the research. Collect data. Analyze data. Report the research results. Integrate data into planning.
Step one in a market research study is to define the problem. Explain.
Define the problem with a situational analysis. Create a written research proposal. Why is the research being undertaken? What should the research reveal? This helps to accurately dictate the scope and detail of the returned information and includes a hypothesis about the information being sought. This can be created from internal dialogue, focus groups, stuff focus groups, Etc.
What are the four main types of primary research?
Online/email surveys
phone surveys
personal interviews
self-administered questionnaires
Step two in a market research study is to plan the research project. Explain.
Search secondary sources to refine the research and answer the research questions.
Design an appropriate sample.
Understand timetable needed.
Methods should be reliable and valid.
Conduct secondary research then primary research.
Select a tool for primary research.
Design the sample for primary research.
Explain the difference between reliable and valid methods for research.
Reliable means nearly identical results time after time.
Valid means that the methods will measure what they are supposed to measure.
What is the appropriate length of time or space for each type of questionnaire?
Phone survey should be 10 to 12 minutes with 1 to 3 open ended questions.
Mail survey should be 1 to 4 pages in length.
Personal interview should be 20 minutes or less.
Online or email survey should be under 10 minutes under five preferred using drop-down selections for closed ended questions to help with completion.
Step three in the market research study process is to collect data. What are the three steps?
Select a survey method from the four main types (online or email survey, phone survey, personal interview, self-administered questionnaire).
Design a questionnaire being cautious not to elicit bias.
Field the study and carefully train the interviewer to avoid bias and ensure questions are stated correctly and consistently
Step four in the market research study is to analyze data. Explain.
When analyzing the return data, it is important to Code open ended question responses for tabulation. Code by computer to crosstab by age, sex, income, job class, branch used, behavior, psychographic variables.
Step six of the market research study process is to integrate data into planning.
Most important step. Possibly add more here?
Step five of the market research study process is to report the research results. Explain.
Provide three levels of presentation. In-depth for marketing team use, overview for general staff, executive summary including data with recommended actions and next steps. Also include what should we do or do differently as a result of the research
The results are back from the research you conducted about the opinions and perceptions of current and prospective customers regarding a new product that you plan to offer. Both current and prospective customers suggested a number of changes to the new product you are proposing to offer. You make some of the suggested changes and then decide to re-test the product with a small group of customers and prospects most likely to purchase this product when it is introduced in the market. The group of customers and prospects you are using for your re-test are a sample of your:
a. customers
b. focus group
c. target market
d. convenience sample
c. target market
