Market Research

Question 1

primary research

Answer 1

research you design and conduct yourself to reduce associated risks

Question 2

marketing information systems

Answer 2

set of procedures and methods for regular collection and analysis

Question 3

exploratory research method

Answer 3

get basic understanding of issues that surround a product (observation, in-depth interviews, focus groups)

Question 4

precision research method

Answer 4

larger scale to gauge percentage of population with a certain concern

Question 5

issues in market research

Answer 5

people don’t always say what they want, and larger sample sizes are usually needed to make reliable decisions

Question 6

surveys: open-ended

Answer 6

repondent not limited to options listed, but are often skipped by respondents as challenging

Question 7

surveys: closed-ended

Answer 7

select answers from a brief list

Question 8

problem survey questions

Answer 8

difficult to answer, sensitive, two-in-one, leading, non-exhaustive, non-mutually exclusive

Question 9

surveys: continuum questions

Answer 9

rating the degree of a product characteristic

Question 10

surveys: binary answer scales

Answer 10

offer only two possibilities, but are not appropriate for results that have a range

Question 11

surveys: conditional branching

Answer 11

allows online participant to skip directly to appropriate questions, so more geared towards respondent

Question 12

types of surveys

Answer 12

computer, mail, telephone

Question 13

experimentation (primary research)

Answer 13

determine what people do rather than what they THINK they will do

Question 14

benefits of experimentation

Answer 14

allows to control for factors that are not equal in real life, and rule out competing explanations

Question 15

between-subject experiments

Answer 15

different treatments given to different groups on specific concerns

Question 16

within-subject experiments

Answer 16

same individual treated differently at different times

Question 17

observation (primary research)

Answer 17

analyzing how consumers select products, including time spent and how they compare

Question 18

taste-tests (observation)

Answer 18

asking someone to try food or beverage

Question 19

“triangle measure”

Answer 19

examine the extent to which people can reliably taste a difference by giving them three items

Question 20

focus groups (primary)

Answer 20

good for gauging what kind of issues are important, but they represent a small sample size

Question 20

in-depth interviews (primary)

Answer 20

questioning an individual of his or her interest; useful for highly emotional and identity involved products

Question 20

advantages of focus groups

Answer 20

identify how to either launch a new product or modify an existing one

Question 20

advantages of in-depth questioning

Answer 20

people tend to elaborate in uncomfortable settings

Question 21

disadvantages of in-depth questioning

Answer 21

might just say what they think you want to hear rather than what they actually think

Question 22

projective techniques (primary)

Answer 22

presenting pictures and asking respondents of a story to gauge consumers that might be embarassed to admit certain opinions

Question 23

physiological measures

Answer 23

tracking eye movements, heart rate, and brain waves to see consumer performance over time

Question 24

physiological measures advantages

Answer 24

objective data on attention and customer interest

Question 25

physiological measures disadvantages

Answer 25

high costs where specialized equipment is needed

Question 26

scanner data

Answer 26

data collected via supermarket loyalty cards or panels to analyze purchase patterns

Question 27

scanner data advantages

Answer 27

reflects real purchasing behavior and enables tracking of demographic influences

Question 28

scanner data disadvantages

Answer 28

limited to frequently purchased items

Question 29

conjoint analysis

Answer 29

decomposes consumer ratings of product combinations to figure out how important certain attributes are

Question 30

conjoint analysis advantages

Answer 30

shows the trade-offs that consumers are willing to make

Question 31

conjoint analysis disadvantages

Answer 31

time intensive and requires advanced statistical tools

Question 32

sentiment analysis

Answer 32

computerized analysis of social media, blogs, and other online content to gauge public attitudes toward a brand or product

Question 33

sentiment analysis advantage

Answer 33

massive data scalability with early detection of trends

Question 34

sentiment analysis disadvantages

Answer 34

difficulty interpreting the context of something with heavy reliance on algorithims

Question 35

website clickthrough

Answer 35

digital metrics like bounce rates, clickthrough rates, and response latency to measure user engagement and behavior

Question 36

website clickthrough advantages

Answer 36

provides real time data

Question 37

website clickthrough disadvantages

Answer 37

privacy concerns and increasing regulatory constraints

Question 38

AI (traditional)

Answer 38

employs algorithims to identify patterns

Question 39

AI: deep learning

Answer 39

using layered neural networks for complex insights

Question 40

AI: regenerative large language models

Answer 40

generates text, simulate interviews, analyze data

Question 41

AI Issues: security and privacy

Answer 41

risks in handling sensitive data

Question 42

AI Issues: Biases

Answer 42

reflects biases based on how they’re being trained

Question 43

AI Biases: Hallucinations

Answer 43

generates incorrect or fictional information

Question 44

if relevant behavior can be observed in customer’s natural environment..

Answer 44

use experimentation and physiological measures

Question 45

if relevant behavior CANNOT be observed in customer natural environment..

Answer 45

use scanner data, observations, and web click-through rates

Question 46

if the respondent is capable of answer accurately without extensive bias

Answer 46

use exploratory or precision based research methods

Question 47

if the respondent is persuaded by other beliefs..

Answer 47

use projective methods and conjoint analysis