Market Research Flashcards
What are the steps of the market research process?
1) Define Problem and Research Objectives
2) Design Research Plans to collect information.
3) Collect data
4) Analyze data and develop consumer insights
5) Determine action plan
What is the thought process behind defining the problem and research objectives?
Figuring out what information is useful and the purpose behind gathering said information.
Results should be actionable
Why is defining the problem so important?
Failing to identify the issue would result in the rest of the process being rendered questionable.
What are the types of basic research objectives?
1) Exploratory: gathering preliminary information to help define problems and suggest hypotheses.
2) Descriptive: To describe problems, situations, or markets. Can gather information about people’s knowledge, attitudes, preferences or buying behaviour
3) Casual: To test hypotheses about cause-and-effect relationships.
What are the types of data that can be collected?
Secondary data and primary data
Make some comments about secondary data.
It can be internal or external. Since it already exists, it’s available quickly and at a relatively low cost. However, to be useful, it should be relevant, accurate, current, and impartial.
Make some comments about the primary data.
Consists of info collected for the specific purpose at hand. It takes time and money to collect. It should be relevant, accurate, current, and impartial.
List some examples of research techniques.
Observational, Social Listening, Ethnographic, etc
Make some comments about observational, social listening and ethnographic listening techniques
Observational: No interaction; people watching
Social listening: Blogs, Facebook posts, Twitter, online reviews
Ethnographic: interactive, living with and watching consumers, and extremely in-depth.
Elaborate on in-depth interviews
In-depth interviews: Verbal interactions and probing questions
Elaborate on Focus groups
Focus groups are informal interviews with a group fo about 6-10 people with a moderator. The issues discussed are vast.
Elaborate on projective research techniques.
It helps understand consumer motivation and emotion. It’s done through word association tests, sentence completion tests, drawing, and storytelling. It is, however, time-consuming, expensive, and hard to interpret.
Elaborate on surveys.
They are written research questionnaires. They mainly collect descriptive data and are the most commonly used technique due to their flexibility in terms of content and collection methods.
What are the types of experiments?
Experimental and quasi-experimental.
Elaborate on the components of the experiments.
1) Independent variable: what’s being manipulated (cause)
2) Dependent variable: what you measure (effect)
3) Control variables (what’s being held constant)
