MARKET RESEARCH 01

Question 1

The process of determining the viability of a new service or product through research conducted directly with potential customers.

Answer 1

MARKET RESEARCH

Question 2

is an essential component of any company’s marketing plan. It dictates strategy, informs resource allocation, and helps brands understand and connect with their consumers in ways that in the past would have seemed impossible.

Answer 2

MARKET RESEARCH

Question 3

It sets the direction of the whole market research process. Ask clients how they will use the research results, and what business decisions they will make based on the data. Discuss limitations early in the process. Set clear expectations of what the research will cover and what data it will provide.

Answer 3

DEFINE THE PROBLEM

Question 4

Based on the research objective think, which research methodology would be the best fit. Start with the broader categories: Secondary? Primary? Qualitative? Quantitative? Based on the decisions that will be made, determine what type of data is needed and expected.

Answer 4

APPROACH FORMULATION

Question 5

Who do you want to gather data from? Customers? Non-Customers? Category users? Be realistic. Given your budget, you may or may not be able to reach your target population. If you are conducting qualitative research, small samples are expected given the exploration nature of this methodology category. Consider issues of sample size saturation.

Answer 5

RESEARCH DESIGN SELECTION

Question 6

Do a soft launch if you are doing online surveys to catch any potential problems. Get involved, monitor. early to catch any potential issues that can affect data quality (e.g., bad respondents, programming errors, etc.)

Answer 6

DATA COLLECTION

Question 7

Clean your data. It doesn’t matter if it is quantitative or qualitative data, quality controls are needed. Code open ended questions to find patterns in the data. Create cross-tabulated tables to help organize the data if you do surveys. Transcribe interviews and focus group discussions to use tools to organize qualitative data to facilitate thematic analysis.

Answer 7

DATA PROCESSING

Question 8

Keep the key objectives in mind to connect market research to business impact. Share preliminary results with key stakeholders, discuss, and check if they make sense from a practical standpoint. Focus on the story behind the numbers and how it supports your recommendations. Don’t do a data dump. Focus on insights.

Answer 8

Analysis & Reporting -

Question 9

is used to collect preliminary data to clarify the nature of a marketing problem before designing a more extensive research project.

Answer 9

Exploratory Research -

Question 10

It describes marketing mix characteristics. It is also used to explain a particular issue or problem.

Answer 10

Descriptive Research -

Question 11

Also known as predictive research is used to test the cause and effect relationships. Using causal research allows researchers to answer “What if” or “Why” type of questions.

Answer 11

Causal Research -

Question 12

also known as basic or theoretical, research is designed to help researchers better understand certain phenomena in the world. It looks at how things work but does not seek to find how to make them work better. This research attempts to broaden your understanding and expand scientific theories and explanations.

Answer 12

Fundamental RESEARCH -

Question 13

is designed to identify solutions to specific problems or find answers to particular questions. It offers knowledge that is applicable and implementable.

Answer 13

Applied RESEARCH -

Question 14

refers to examining actions, assessing their effectiveness in bringing about the desired outcome and choosing a course of action based on those results. It is typically used in educational settings for teachers and principals to perform a type of self assessment and course correction.

Answer 14

Action RESEARCH -

Question 15

also called explanatory research, seeks to determine cause-and-effect relationships between variables. It identifies how much one variable may cause a change in the other. Causal research is important for evaluating current processes and procedures and determining if and how changes should take place.

Answer 15

Casual RESEARCH -

Question 16

studies a group or subgroup at one point in time. Participants are generally chosen based on specific shared characteristics, such as age, gender or income, and researchers examine the similarities and differences within and between groups. The group is often used as a representation of a larger population.

Answer 16

Cross-selection RESEARCH -

Question 17

is the opposite of inductive research and moves from the broad to the specific. Researchers choose a hypothesis and test its accuracy through experimentation or observation.

Answer 17

Deductive RESEARCH -

Question 18

Examines what is already known about a topic and what additional information may be relevant. It rarely answers a specific question but instead presents the foundational knowledge of a subject as a precursor to further research. Often, exploratory research is applied to lesser-known issues and phenomena

Answer 18

Exploratory RESEARCH -

Question 19

occurs wherever the participants or subjects are or “on location.” This type of research requires onsite observation and data collection.

Answer 19

Field RESEARCH -

Question 20

Involves procedures determined ahead of time, such as how often testing will take place, where it will take place, the number of subjects and their types. The research depends on precise conditions and compliance with predetermined protocols to reduce variables. Experimentation is often fixed research.

Answer 20

Fixed RESEARCH -

Question 21

Flexible research allows procedures to change throughout the course of the experiment.

Answer 21

Flexible RESEARCH -

Question 22

collects data that may help develop a new theory about a process or phenomenon. It examines observations and patterns and offers several hypotheses to explain these patterns. Inductive research is often the first step in theory generation and may lead to additional research, such as deductive research, to further test possible hypotheses.

Answer 22

Inductive RESEARCH -

Question 23

occurs in a controlled laboratory rather than in the field. Often, the study demands strict adherence to certain conditions, such as eliminating variables or timing conditions. Laboratory research includes chemical experimentation and pharmacological research.

Answer 23

LABORATORY RESEARCH -

Question 24

focuses on how certain measurements change over time without manipulating any determining variables

Answer 24

Longitudinal RESEARCH -

Question 25

Includes both qualitative and quantitateve data. The results are often presented as a mix of graphs, words and images.

Answer 25

Mixed RESEARCH -

Question 26

examines the effects of current government or social policies or predicts the potential effects of proposed policies related to the distribution of resources.

Answer 26

Policy RESEARCH -

Question 27

involves non-numerical data, such as opinions and literature. It uses descriptions to obtain the meanings and feelings involved in a situation. Businesses often use qualitative research to determine consumer opinions and reactionS.

Answer 27

Qualitative RESEARCH -

Question 28

depends on numerical data, such as statistics and measurements, to investigate specific questions, like who, what, where or when. The results are usually presented in tables or graphs.

Answer 28

Quantitative RESEARCH -