market research

Question 1

what insights does market research give? (3)

Answer 1

1. predictions on how consumers will react to company decisions
2. reveals which attributes the product is missing or which attribute levels should be changes
3. change prices, advertisements, segment customers differently

Question 2

steps of market research process? (4)

Answer 2

1. define research problem
2. collect data
3. analyze data
4. ask if the research is any “good”?

Question 3

purpose of primary data & examples (2)?

Answer 3

data specifically collected for the research project
1. surveys
2. focus groups

Question 4

conjoint analysis is…?

Answer 4

a survey-based research technique for measuring the value that consumers place on features of a product or service

Question 5

3 attributes of good research

Answer 5

1. reliability → consistent measurement
2. generalizability → representative results
3. validity → accurate method

Question 6

reasons for LOW reliability? (4)

Answer 6

1. poorly written items
2. imposed time limits
3. sensitive questions
4. mood/emotions

Question 7

possible biases with generalizability

Answer 7

1. current customers – extra favorable
2. ex-customers – extra unfavorable
3. opt-in – extreme views
4. specific times/places – specific characteristics

Question 8

spurious correlation

Answer 8

when two variables falsely appear to be related to each other, normally due to an unseen, third factor