Market Research Flashcards
. Which of the following is NOT a typical objective of market research?
a. Understanding consumer preferences and buying habits
b. Identifying market trends and future growth opportunities
c. Evaluating the effectiveness of a recent advertising campaign
d. Setting pricing strategies based on competitor analysis
e. Forecasting the exact monthly sales figures for the next year
e. Forecasting the exact monthly sales figures for the next year
In the context of sampling for a market research survey, what does ‘sample frame’ refer to?
a. The set of instructions provided to the survey respondents
b. The physical boundary within which the survey is conducted
c. The list or database from which potential survey respondents are chosen
d. The decorative border around a paper survey or computer screen
e. The timeline allocated for the sampling process
c. The list or database from which potential survey respondents are chosen
Which method of probability sampling is most suitable when the researcher wants to ensure representation of specific subgroups within the population?
a. Simple random sampling
b. Convenience sampling
c. Snowball sampling
d. Stratified random sampling
e. Purposive sampling
d. Stratified random sampling
Nonresponse bias occurs in a survey when:
a. The survey questions are too complex
b. All selected participants respond
c. The respondents’ answers are not truthful
d. The survey is distributed to the wrong audience
e. The characteristics of non-respondents differ from those of respondents
e. The characteristics of non-respondents differ from those of respondents
It has become very common in market research to use online pre-recruited panels to execute surveys. Which of the below statements about online pre-recruited panel is true?
a. If build accurately, it can be considered a probability sample
b. Respondents in the panel are recruited via variety of methods, including purposeful invitations
c. These samples generally have high response rates
d. Participants often receive monetary or other benefits for being in the panel
e. All answers are correct
e. All answers are correct
- In accordance with the General Data Protection Regulation (GDPR):
a. In surveys it is not allowed to collect personally identifiable information (PII)
b. In surveys it is not allowed to collect information on age, gender, race, income, and place of residence together
c. In surveys it is not allowed to ask for individual’s name and contact details together
d. When surveying companies, it is not allowed to collect and store in one database information on the name of the company, sales, turnover and other financial indicators specific to the legal entity
e. There are no restrictions on the questions that can be asked in surveys if they are necessary from quality control, sampling or analytical point of view
e. There are no restrictions on the questions that can be asked in surveys if they are necessary from quality control, sampling or analytical point of view
- Five second year SSE Riga students had a brilliant idea about a new business, to help people stop vaping. Their aim is to put a stop to vaping at all university campuses in the world. They decide to pilot it at SSE Riga (for obvious reasons). Before they begin, they want to understand students’ behavior. So they perch up by the bike stands and watch people vape in front of the school. This is called:
a. Experimental observation
b. Remote observation
c. An experiment
d. An observation
e. Participant observation
d. An observation
- After they collected some data on the vaping front of the school, the students decide to engage in conversations with the vapers to understand why they vape. They decide to do interviews and prepare an interview guide. Which statement could follow. They opted for:
a. structured interview, which are interviews that have a very good structure. This seems obvious since their interview guide is very well structured
b. unstructured interview, because unstructured interviews have an interview guide that randomly mixes up the questions so that participants will tell the truth
c. semi-structured interviews, because even though they don’t have an interview guide, they strictly follow a set list of questions and never deviate from it
d. silent interview: silence is one of the most power techniques when interviewing, and remaining silent throughout the interview creates rapport and an atmosphere in which participants can talk freely.
e. unstructured interview, because unstructured interviews allow the interviewer to ask questions in any order. Also, they forgot the guide at home
e. unstructured interview, because unstructured interviews allow the interviewer to ask questions in any order. Also, they forgot the guide at home
- The group starts to gain some insights into why people are vaping, what they get out of it, and why it is hard to stop. So, you decide to do some interviews with the administration. You know that interviewing techniques are important. You decide to implement almost all the techniques learned in market research this year. Which one is not one of them?
a. Silence: Allowing for pauses and breaks in the conversation to give the interviewee time to think and to encourage them to continue speaking
b. Mirroring Language: Reflecting back the terms and phrasing the interviewee uses to build rapport and show understanding
c. Echo Chamber: Repeating everything the interviewee says word for word immediately after they say it to ensure clarity
d. Open Body Position: Maintaining a relaxed and receptive posture, avoiding crossed arms or legs, to make the interviewee feel more at ease
e. Smile to Create Rapport: A genuine smile can make the conversation feel more friendly and less like an interrogation
c. Echo Chamber: Repeating everything the interviewee says word for word immediately after they say it to ensure clarity
- In randomized experiments, the control group includes:
a. participants who are exposed to the intervention
b. participants who are not exposed to the intervention
c. participants who have previous experience with the intervention
d. participants who have specific sociodemographic characteristics
e. participants who are exposed to the B-version of the A/B testing
b. participants who are not exposed to the intervention
- Variable frequency contains the frequency of customers’ visits to the shop (5 options are possible: never, few times a year, few time a month, few times a week, every day). You want to find the factors explaining the frequency of visits. Which quantitative approach would you use?
a. Linear regression model estimated by ordinary least squares
b. Hierarchical cluster analysis
c. Simple logit/probit model
d. Principal components regression
e. Classification/decision trees
e. Classification/decision trees
- Your significant other’s mother (let’s call her Magda, shall we?) is starting a company, and she has asked you to conduct market research since you are studying it at SSE Riga. Despite time constraints, you agree and decide to use interviews as part of your research method. The company specializes in customizable bicycles. You decide to conduct interviews for the market research, what is the primary goal of these interviews?
a. To collect large-scale quantitative data on bicycle sales.
b. To statistically analyse the efficiency of bicycle production.
c. To compute the carbon footprint of each bicycle model.
d. To forecast the revenue growth of the bicycle industry.
e. To explore and understand customer perspectives on such bicycles.
f. I do not know.
e. To explore and understand customer perspectives on such bicycles.
- You did the interviews. Then over dinner Magda, an engineer by profession, expresses keen interest in the interview process you used. Despite finding her curiosity a “bit” intrusive, you casually mention using structured interviews. Intrigued, she asks what structured interviews entail. How do you respond?
a. “Oh, they’re just informal chats over coffee with potential customers.”
b. “Basically, sending out mass emails with a few questions attached.”
c. “We just observe people in bike shops and take notes.”
d. “It’s like scrolling through social media to see what people say about bicycles.”
e. “ You just ask every participant the same predetermined set of questions in a systematic sequence.”
f. I do not know.
e. “ You just ask every participant the same predetermined set of questions in a systematic sequence.”
During the conversation, Magda offers her help in understanding the market better. You suggest she could do participant observation. She asks, “What is participant observation?” How do you explain it to her?
a. “It’s about distributing and analysing customer satisfaction surveys.”
b. “It actually means reviewing and interpreting financial reports of competitors.”
c. “Participant observation involves conducting structured interviews with specific participants.”
d. “It’s just a fancy term for monitoring social media trends and comments.”
e. “Basically, you immerse yourself in the group to observe behaviours and interactions firsthand.”
f. I do not know.
e. “Basically, you immerse yourself in the group to observe behaviours and interactions firsthand.”
- After completing the participant observation and interviews, you start analysing the data. Magda is curious about the next steps. You mention you would like to find out about competitors. She asks how you plan to find out about them. What will you not you tell her (and your intention is tell her the truth)?
a. “We’ll look at bike sales records at local retail stores.”
b. “I’ll join cycling forums and social groups to hear what brands people talk about.”
c. “We can analyse online search trends for such bicycles.”
d. “We’ll just guess based on what we think is popular.”
e. “By reviewing known bicycle brands in the market.”
f. I do not know.
d. “We’ll just guess based on what we think is popular.”
She looks curious and asks: maybe we can just speak to someone about this, someone more knowledgeable? You agree and decide on a specific type of interview. What type of interview will you conduct?
a. Casual chats with random people in a park.
b. Online surveys sent to a general audience.
c. Observational research at local bicycle events.
d. Focus groups with random participants.
e. Expert interviews with professionals in the bicycle industry.
f. I do not know.
e. Expert interviews with professionals in the bicycle industry.
- In randomized experiments, the control group includes:
a. participants who are exposed to the intervention.
b. participants who are not exposed to the intervention.
c. participants who have previous experience with the intervention.
d. participants who have specific sociodemographic characteristics.
e. participants who are exposed to the B-version of the A/B testing.
f. I do not know.
b. participants who are not exposed to the intervention.
According to the case-study, how do employees of Booking.com run their online experiments?
a. Standard templates and automated processes + each experiment approved by management.
b. Custom-made research design for each experiment + each experiment approved by management.
c. Standard templates and automated processes + no approval needed from management.
d. Custom-made research design for each experiment + no approval needed from management.
e. Experiments are run on ad-hoc basis when the management needs to test a hypothesis or a possible decision.
f. I do not know.
c. Standard templates and automated processes + no approval needed from management.
According to The Experimentation Guidelines for the Latvian Public Sector, one of the key elements of experiments is Systematic Learning. Systematic Learning is …
a. …based on complex evaluation criteria. If the hypothesis is proven to be wrong, the experiment has not failed.
b. …based on pre-determined evaluation criteria. If the hypothesis is proven to be wrong, the experiment has failed.
c. …based on creative evaluation criteria. If the hypothesis is proven to be wrong, the experiment has not failed.
d. …based on pre-determined evaluation criteria. If the hypothesis is proven to be wrong, the experiment has not failed.
e. …based on creative evaluation criteria. If the hypothesis is proven to be wrong, the experiment has failed.
f. I do not know.
d. …based on pre-determined evaluation criteria. If the hypothesis is proven to be wrong, the experiment has not failed.
In market research, determining the appropriate sample size for a survey is critical to the validity of the study. Which of the following statements is true regarding the determination of sample size for a survey?
a. The sample size can be any number as long as it represents the target population well.
b. A universally accepted sample size for all market research surveys is 500 participants.
c. The sample size must be at least 10% of the total target population.
d. The sample size should be determined based on the objectives of the study, the desired precision of the results, and the available budget.
e. None of the above.
f. I do not know.
d. The sample size should be determined based on the objectives of the study, the desired precision of the results, and the available budget.
Correct sampling strategy is crucial for obtaining reliable data. Stratified random sampling is one such strategy. Which of the following statements accurately explains stratified random sampling?
a. The target population is divided into distinct subgroups, or strata, and then a sample is drawn from one chosen stratum to represent the entire population.
b. The entire population is segmented into relevant strata, and every member within each stratum is selected to form a comprehensive sample.
c. Distinct strata are identified within the target population, and within each stratum, respondents are selected based on their convenience and availability.
d. The population is first divided into non-overlapping strata, and then a random sample is taken from each stratum, typically proportional to the stratum’s prevalence in the total population.
e. None of the above.
f. I do not know.
d. The population is first divided into non-overlapping strata, and then a random sample is taken from each stratum, typically proportional to the stratum’s prevalence in the total population.
Which of the following statements best describes market research?
a. Market research always begins with secondary data collection
b. Market research is used more for tactical decisions than for strategic ones
c. Managers can only make good marketing decisions when supported with research
d. Market research is almost always conducted internally
e. Market research helps managers make better decisions
f. I don’t know
e. Market research helps managers make better decisions
You and your business partner are thinking about starting a new business (Dandelion) during the COVID19 pandemic. It is a difficult time for many businesses, and to ensure you get the right start you decide to do some market research. You are low on budget but have many ideas. First things first, you look at who your competitors are. You do some online research, but feel like you lack something. Your business partner recommends conducting interviews to:
a. be able to generalise your findings to the whole population
b. gather data from a very large number of respondents quickly
c. to gain insight into people’s thoughts and behaviours
d. to get what people are thinking, talking to one or two people. Should be a good sample?
e. to find customers. Your participants can’t be your first real customers if you just convince them.
f. I do not know
c. to gain insight into people’s thoughts and behaviours
Then you and your business partner conduct interviews. For the interviews, your business partner prepares a guide with a set list of questions, but you decided to ditch the set questions entirely last minute. You will just talk to people. These interviews are:
a. Structured
b. Unstructured
c. Restructured
d. Semi-structured
e. Under-structured
f. I do not know
b. Unstructured
