Lesson 2 Flashcards
is the process of determining the viability of a new service or product through research conducted directly with potential customers.
Market research
allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
Market research
The research includes surveys, product testing, and focus groups.
Market Research
systematic process of collecting, recording and analyzing the information relevant to finding solutions to a problem in the field of marketing.
Market Research
is a critical tool in helping companies understand what consumers want
Market Research
market research consists of a combination of what information?
Primary information
Secondary Information
is the data that the company has collected directly or that has been collected by a person
Primary Information
two categories of primary information
exploratory research
specific research
is a less structured option and functions via more open-ended questions
Exploratory Research
data that an outside entity has already gathered.
Secondary Information
The development of market research
Face to face interviews
Phone Research
Online Market Research
Types of marketing research
descriptive research
predictive research
causal research
exploratory research
has very little knowledge about the topic of research and wants to gain insights into it before seeking solutions.
exploratory market research
requires checking the hypothesis to determine the exact answers to the research issue
Descriptive market research
conducted to establish the cause-and-effect relationship between the variables
Causal market research
carried out to forecast or anticipate some market variable for which research is intended.
Predictive market analysis
Marketing research can be further categorized based on the type of data produced and the degree of accuracy required as
Qualitative market research
Quantitative market research
deals with the feelings, attitudes, opinions, and thoughts of an individual to ascertain their underlying reasons for behavior.
qualitative market research
widely used qualitative market research methods
qualitative research
focus groups
depth interviews
photo ethnography
deals with the hard facts and statistical data rather than the opinions, feelings, and attitudes of the individuals
Quantitative Market Research
quantitative market research techniques
telephone surveys
personal surveys
web surveys
hybrid survey methods
