Market Research Flashcards
How satisfied are our customers?
-Satisfaction with service offer –> “What should be investigated?“
-For which service components? –> “For what exactly?”
-For which customer groups? –> “For whom?”
3 market research objectives
- Explorative investigations (“discover“)
- Descriptive investigations (“describe“)
3.Causal investigations (“explain”)
explorative investigations (“discover“)
- Objective: Discovery of consumer needs
- Outcome: “Insight”
- Standard method: Qualitative interviews or (online) observations of consumers
Descriptive investigations (“describe“)
- Objective: Description of markets, target groups, and effects of marketing instruments
- Outcome: Numbers that quantify
- Standard method: Representative survey
Causal investigations (“explain”)
- Objective: Identifying differences between groups
-Outcome: Quantification of differences between groups
- Standard method: Experiment/ A/B testing
Is it necessary to collect new data for the objective of the investigation?
If yes –> Primary research
if no –> Secondary research
Primary research
-“Field research“
- Data is newly collected
Secondary research
- “Desk research“
- Existing data is re-analyzed
Qualitative data collection
- Interview
- Focus group
- Ethnography (“home visits”)
–> more in discover, describe
Quantitative data collection
- Survey
- Experiment
–> describe and explain
Scales in surveys
-5 to 5 : Scale 1
0 to 10 : Scale 2
Conjoint Analysis I
- Design the study
- Collect consumer preferences through survey
- Analyse the data: Utility Scores
4.Calculate the relative importance (simplified, often more advanced statistical methods are used)
Importance = max(Utility) - min (Utility)
Mixed Methods
Quantitative and qualitative methods can be used together
Cross section analysis
Surveys in which quantifying statements are to be made about specific populations (e.g., the total population or the customers of a company) with reference to the respective point in time. (e.g., representative survey)
Longitudinal analysis
Surveys in which similar data (e.g., on brands purchased, spending on certain types of products) are repeatedly collected from a constant set of people, companies, etc.
(e.g., household panel)
Analog
- Survey
- Focus group
- Ethnography / home visits
–> high cost and effort
Digital
- Online-Survey
- Online focus group
- Netnography (online observation of consumers)
Basic idea data analysis
Quantitative and qualitative data are analyzed differently
Data analysis: Quantitative Data
- Descriptive statistics
- Multivariateprocedures
- Regressionanalysis
Often descriptive analysis (e.g., Who is the average student who goes to canteen?: Age? Gender?)
Data analysis: Qualitative Data
Qualitative content analysis (e.g.,afterMayring)
Qualitative content analysis: Identification of factors that students particularly appreciate about the HSG canteen.
The Limits of Market Research:
- Is market research ethically justifiable that aims to increase the consumption
of sweets that lead to obesity and cause tooth decay? - Is the use of “mystery shoppers” who test the quality of advice given by staff ethically justifiable, even if the results obtained may lead to consequences for the employees tested?
