EM 4 Market Research Flashcards
What is projection bias?
We tend to think people are much more similar to us
What is market research?
Defining a market problem or opportunity
Systematically collecting and analyzing information
Recommending actions to improve the company’s activities
What are the two types of data?
Primary and Secondary
What is Primary data?
Data you collect yourself - interviews, surveys, focus groups
What is secondary data?
Data which you have collected previously or collected by 3rd parties. More realistic
What are the 3 types of data for market research?
Descriptive - measure something concrete - survey
Causal - observe how people interact with something
Exploratory - open ended, focus groups, interviews
What is the number 1 rule of marketing?
Have clearly defined objectives, which lead to conclusions, which can be acted upon
What is reliability?
Am I getting consistent responses?
What is validity?
Am I measuring what I think I’m measuring.
What are demand effects
When the responder tries to see what answer the surveyor is looking for and adjusts his behavior to achieve it.
What are two tests for reliability?
Test and retest - ask the same question over time
Internal consistency - ask the same question in different ways and combine responses
What is generalizability ?
Are the people who I’m asking the people of interest?
