Market Research Flashcards
1
Q
Advantages of Customer Visits
A
- Impact
- face to face provides lots of info
- best means of developing customer viewpoint
- first hand experience is compelling
- promotes deeper understanding
2
Q
Ethnography Research
A
purpose is to provide a detailed, indepth description of everyday life
ex: observing people doiong certain tasks of their jobs
3
Q
What are 6 Research Methods?
A
- Ethnography - Anthropological
- Interviews
- Customer Onsite Visits
- VOC
- Focus Groups
- Surveys
4
Q
Confirmatory Research
A
Performed to confirm or negate an assumption or theory
Involves testing against a hypothesis or specific assumptions
5
Q
Where does Exploratory Research Help?
A
- determine probable direction and design
- data collection method
- and/or selection of subjects
6
Q
Exploratory Research
A
Research conducted becase a problem has not been clearly defined.
7
Q
Why do Secondary Research First?
A
- low cost
- relatively quick
- provides direction
- provides a context
8
Q
What is McQuarrie Rule?
A
Do Secondary Research first.
9
Q
How is Qualitative Research frequently used?
A
- gather initial customer needs
- obtain reactions to ideas and concepts
10
Q
Qualitative Research
A
- Research with a very small number of respondents
- groups or individually
- to gain impression of beliefs, perceptions and opinions
11
Q
Why is Quantitative Research useful?
A
Reduces uncertainty with many other aspects of product development.
12
Q
Quantitative Research
A
- Consumer research
- Often surveys with a large sample
- produces statistically reliable results
- Used to project outcomes to the general population
13
Q
3 Types of NPD Research
A
- Quantitative or Qualitative
- Primary or Secondary
- Exploratory or Confirmatory
14
Q
What does Market-Driven Product Innovation begin with?
A
Market / Customer Needs
15
Q
Market Driven
A
Where the marketplace driects the firm’s product innovation efforts
16
Q
When Does Market Research Begin?
A
Stage 1 - Concept Identification
17
Q
What is Outcome Driven?
A
- Uncovering customers’ measure of value
- Determine which are underserved
then devise solutions that address opportunties
18
Q
What are customers’ fundamental measures of product performance?
A
Outcomes
19
Q
Outcome
A
A metric customers use to measure how well they are getting a job done.
20
Q
What is Pareto Chart?
A
A bar graph with the bars in descending order to identify the largest opportunity for improvement.
21
Q
What is the value of a Pareto Chart?
A
Distinguishes the ‘vital few’ from the ‘useful many’.
22
Q
Parametric Data
A
- Data that can be measured
(income, age, gender, etc) - Provides historical info on similar projects to assist in estimating
- time
- development
- efforts
- costs
- sales
- etc
23
Q
Sources of Market Research
A
- Secondary Market Research - already published or publically available
- Primary Market Research - from customers themselves
24
Q
Market Research Definition
A
Info about
Customers
Competitors
Markets
25
What is the most difficult part of Market Research?
Defining the problem.
26
Why is Market Research Important?
1. Spans the entire NPD process
2. Lack of market research is single largest influencer of failed products
3. Smart product managers want to see the data!
27
What is the Value of Research?
It guides you to the target.
28
What is a Population?
* Collection of
* People
* Animals
* Plants
* Things
* From which we collect data
* And wish to describe or draw conclusions about
29
How is R&D Typically Defined?
Experimentation and Discovery that is used for product creation.
Note: not the act of product creation
30
Research and Development Definition
R&D is the brand of the company that translates requirements into solutions
31
Customer Research
Things you want to find out about your customers.
32
Conjoing Analysis
Used to determine how people value different features that make up an individual product
33
Where is Conjoint Analysis Used Today?
Social and Applied Sciences
* Marketing
* Product Management
* Operations Research
34
Where did Conjoint Analysis Originate From?
Mathematical Psychology
35
What is Preference Regression?
Statistical technique to determine customers' preferred core benefits
36
Application of Preference Regression
* Raw Survey data
Apply positioning techniques to determine important dimensions
and plot the position of competing products on these dimensions
37
How is Preference Regression used?
* Supplements product positioning
such as multi-dimensional scalings
or
factor analysis
used to create ideal vectors on perceptual maps
38
Who is IDEAL?
* Netherlands Internet payment method
* Direct transfers from bank account for Internet purchases
* Introduced in 2005
39
Who are the 2 companies that gather ratings for TV in the U.S.?
1. Arbitron
2. A.C. Nielson
40
How does Arbitron gather its ratings statistics?
* Through series of continuous surveys of radio listeners in major broadcast markets
* Participants list stations they are listening to every quarter hour (15 mins)
* Results are tabulated into quarterly ratings book for each covered market
41
Who uses Ratings to measure performance?
* Radio
* Cable
* TV
42
Clustering
Unsupervised learning
A common technique for statistical data analysis
43
What terms have similar meanings to Clustering?
* Automatic Classification
* Numerical Taxonomy
* Botryology
* Typological Analysis
44
What fields is Clustering commonly used?
* Machine learning
* Data mining
* Pattern Recognition
* Image Analysis
* Info Retrieval
* Bioinformatics
45
Who created the first **Focus Groups**?
Bureau of Applied Social Research (USA)
by
Associate Director, Robert Merton
46
What are people generally asked in a Focus Group?
* Perceptions
* Opinions
* Beliefs
* Attitudes
Toward a
* Product
* Service
* Concept
* Advertisement
* Idea
* Packaging
47
When and where was the Stakeholder Concept first used?
1963 internal memo
Stanford Research Institute
48
How did Stanford Research Institute define Stakeholders?
Those grops without whose support the organization would cease to exist.
49
What is Authority?
Formal or legitimate authority specified in the project charter.
Gives the mgr authority to act in the name of the Sponsor or Organization
50
Positional Authority
Project Mgr's authority enforced by the project charter.
51
Coercive Authority
Motivating staff by punishment or fear
52
Expert Authority
Earned if team respects one's skills as a project mgr or SME
53
Reward Authority
Positive Reinforcement and ability to reward with something of value.
54
Referent Authority
Ability to influence others through charisma, personality and charm.
55
Considerations on whether or not to do Market Testing
* Special launch situations
* Whether info dictates testing
* Cost of test
* Nature of marketplace
* Testing capabilities
56
Advantages of Market Testing
* Leads to solid forecasts of dollar and unit sales volume
* Provides diagnostic info to improve launch components
* Identifies what may need to be enhanced
57
Advantages of Product Use Testing
* Real environments can show product strengths and weaknesses
* Early seeding of the market
* Can test internal readiness
* Helps answer "Are we ready?"
58
How is Concept Testing Used?
* Eliminate poor concepts
* Helps develop the concept
* Estimate sales or trial rate of concept
59
Advantages of Concept Testing
* Determines buyer need for product
* Saves time and money
* Many format options
* Reasonably confidential
* Can learn alot about buyer thinking
* Segments and positioning can be developed in tandom with concept
60
Where is Concept Testing **NOT** a good technique
* Where benefit is a personal sense
* New art and entertainment
* New technology
* When consumers don't know what problems they have
61
Advantages of VOC
* Detailed understanding of customers' req's
* Common language for team
* Key inputs for design
* Highly useful springboard for product innovation
62
Disadvantages of VOC
Potential for interviewer bias
Instability and imprecision in small spaces
63
What Research Method consists of both qualitative and quantitative research steps?
VOC
64
What does VOC produce?
Detailed set of customer wants and needs
Organized in hierarchical structure
Prioritized by relative importance
65
Voice of Customer (VOC)
Process of capturing customer requirements
66
Disadvantages for Customer Visits
* Potential for interviewer bias
* Instability and imprecision in small samples
67
Advantages of Surveys
* Descriptive
* Precise
* Objective
* Statistical tools available
* Shows differences between groups
More powerful over time because they identify trends
68
Disadvantages of Surveys
* Learn what - not why
* Not good for discovery
* self reported
* not rewarding - shallow data
doesn't relect group decision making process
69
Advantages of Focus Groups
* Provides fresh insights
* Indepth understanding
* Direct words from the market
* Questions can be changed quickly
* Can observe behavior
* good for usage studies
70
Disadvantages of Focus Groups
* Group dynamics can suppress participation
* Various interpretations
* Results not applicable to market or population
* Results heavily influenced by moderator
71
What is the usual make up of a Focus Group
6 - 10 Participants
2 - 3 Groups
72
Goals of Market Analysis
Determine attractiveness of a market - now and in the future
73
Cost Economics
An alternative that is given up as a result of a decision
74
A Marketing Plan may be part of an overall _____________ plan
Business Plan
75
Force Feedback
In medical and gaming - its a virtual reality appliction
Adds more than visual experiences
Other sensory such as sound
76
KPN Group Belgium is the __________ largest of Belgiums 3 mobile telephone operators
3rd
77
**BASE**
Telephony services and broadband internet
BASE is a brand of KPN Group Belgium
78
Product Concept
Showcases the best qualities of the product
79
Semantics
Prototypes or Proto Instances the combine the most representative attributes of a category
80
Prototypes
Typical instances of a category that serve as benchmarks against surounding, less representative
81
How do organizations evaluate the future attractiveness of a market through market analysis?
Gain understanding of evolving opportunities and threats
as they relate to the company's own strengths and weaknesses
82
Dimensions of Market Analysis
* Market size (current and future)
* Market growth rate
* Market profitability
* Industry cost structure
* Distribution channels
* Market trends
* Key success factors
83
Quality
Non-inferior
Superiority
* Perceptual
* Conditional
* Subjective
84
De-Positioning
Attempting to change the identify of competing products
relative to the identify of your own product
in the collective minds of the market
85
Market Analysis
Documented investigation of a market used to inform planning activity arounds decisions of
* inventory
* workforce
* capital equipment purchases
* promotional activities
* purchases
* facility expansion
86
Marketing Mix Strategy - Variables
Product
Place (Distribution)
Promotion
Price
87
The First Elemenet in Marketing Strategy
A well defined target market
88
Repositioning
Changing the identity of the product relative to the identify of competing products in the collect minds of the target market
89
Positioning
Process of creating an image or identity of the target market for the product, brand or organization
90
Since 1695, the word "product" has referred to
thing or things produced
91
Cost
| (business, retail, accounting)
value of money that has been used to produce something
hence not available for use anymore
92
Methods of Concept Testing
Field Surveys
Personal Interviews
Focus Groups
In combination with various quantitative methods
93
Concept Testing
Non-Rationale Benefits
'a shampoo that lets you be yourself'
94
Concept Testing
Rationale Benefits
rationale nature
"a detergent that removes stains but is gentle on fabrics'
95
Concept Testing Alternative
Used to generate communication designed to alter customer attitudes toward existing products
96
Concept Testing
Using quantitative and qualitative methods to evaluate customer response to a product, idea prior to intro into the market
97
Research Methods Used in Stage 1 - Opportunity Identification
Secondary Research
Customer visit / VOC
98
Why use Secondary Research and/or Customer visit/VOC in Stage 1 - Opportunity Identification
Identify market opportunities
99
What Research Methods are used in Stage 2 - Concept Generation?
* VOC / Customer Visits
* Ethnographic
* Surveys
100
Why are VOC/Customer Visits, Ethnographic and Surveys Research Methods used in Stage 2 - Concept Generation?
Understand Customer Needs
Generate Product Platforms or Concepts
101
Research Methods Used in Stage 3 - Concept Evaluation
Concept Testing
Focus Groups
102
Why are Concept Testing and Focus Groups used in Stage 3 - Concept Evaluation
Select projects for funding
103
Research Methods used in Stage 4 - Development
Product Use Testing
Focus Groups
Alpha/Beta Test
104
Why Use Product Use Testing in Stage 4 - Development
Test designs / prototypes
Validate new product designs
105
Research Method used in Stage 5 - Launch
Market Testing
106
Why use Market Testing in Stage 5 - Launch
Test Launch Plan
Measure new product success
107
Typical way we solve problems in Stages 1 and 2
Identify problem (hardest)
Investigate problem
108
Typical way we solve problems in Stage 3 - Concept Evaluation
Identify possible solutions
109
Typical way we solve problems in Stages 3 and 4
Testing proposed solutions - Concept Testing
110
Typical way we solve problems in Stage 4 - Development
Pick best solution
Build and test solution
Product Use Testing
111
Typical way we solve problems in Stage 5 - Launch
Launch and market solution
Market Testing
112
Economic and Commerce Definition of End User
person who uses the product
113
Concept Testing
Process using quantitative and qualitative methods to evaluate customer response to a product idea
114
Semantics
Prototype or Proto Instances
combine the most representative attributes of a category
115
Lead User Definition
lead users face needs that will be general in a marketplace
but face them months or years before the bulk of the marketplace
116
Who Developed the term "Lead User"?
Eric Von Hippel in 1986
117
**TEAM** stands for
TEAM
118
Lead User Method Introduction
A market research tool used by companies or individuals seeking to develop breakthrough products
119
Who are Woodward & Brady
former IBO (Independent Business Owners)
A Qixtar and board of Quixtar's IBOAI
120
Business Analysts who soley work on software systems may also be called...
* It Business Analysts
* Technical BA
* Online BA
* Systems Analysts
121
Business Analysis Solutions
* Systems Development
* process improvement
* organizational change
* policy development
122
Business Analysis
discipline of identifying business needs and determining solutions to business problems
123
Where is Pairwise Comparison Used?
Scientific study of
* Preferences
* Attitudes
* voting
* systems
* social choice
* public choice
* multi-agent MI systems
124
Pairwise Comparison
comparing entities in pairs to judge which is preferred or has greater quantiative quality
125
What is the criticism of saying "no comment"
because one of the goals of working with the press is to resolve issues before they become hot topics
126
Benefits of User Analysis
makes sure the system will be more user friendly
127
User Analysis
process to identify potential user of a system and their attributes
128
What is the Belbin Team Inventory Method?
A method to identify the different types of personalities in a team
129
Examples of Team Management Approaches
Belbin Team *nventory*
Ken Blanchard's High Performing Teams
130
What might a Comprehensive Layout include?
Stock photography
Clip Art6
other that gives an idea what should be visually communicated
131
Comprehensive Layout
in graphic design and advertising
a page of relative positions of text and illustrations presented to clients before specific text and elements have been decided
132
What does Procurement typically include?
Expediting
Supplier Quality
Traffic and Logistics
Purchasing
133
Name types of resources in project mgmt terminology
* people
* equipment
* facilities
* funding
* anything else req'd for completion of the project
134
T or F
The volume of B2C transactions is greater than B2B
False
135
Contrasting terms to B2**B**
B2C
B2G
136
How do firms achieve more consistent quality?
use quality assurance
+
control of processes and products
137
What is Quality Managment Focused On?
1. Product/service quality
2. The means to achieve it
138
Quality Mgmt's 4 Main Components
1. Quality Planning
2. Quality Control
3. Quality Assurance
4. Quality *Improvement*
139
Total Quality Management
an integrative philosophy of management for continuously improving the quality of processes and products
140
Why have firms launch Top Quality Mgmt Programs?
attempt to regain or retain competitivness by achieving customer satisfaction
141
Decision Matrix
a list of values in rows and columns that allow ologists to systematically
identify
analyis
rates
peformance of relationshiops between sets of values and information
142
Where is a Decision Matrix Useful?
Looking at large masses of decision factors and assessing each factor's relative significance
143
Test Market
Geographic region or demographic group used to gauge the viability of a product in the mass market prior to a wide scale rollout
144
Test Market aims to duplicate...
everything on a smaller scale
* promotion
* distribution
* product
145
Criteria Used to Judge Viability of a Test Market include
* demographic is similar in population
* relatively isolated from densley populated media markets so that advertising to the test audience can be effective and economical
146
T or F
A Marketing Plan without a strategic foundation is still useful
False
147
Difference Between Market Research and Marketing Research
**Market Research -** specific to markets
**Marketing Research -** specific to marketing process
148
A Good (narrow defintion)
a tangible product that can be contrasted with a service that is intangible
149
Risk
A choice having an influence on the outcome
Potential losses themselves may be called risks
150
Duration
duration of project's terminal element
of calendar periods it takes from the time of element execution until its completed
151
T or F
Direct Advertising is a sub-discipline and type of marketing
True
152
Direct Marketing
advertising that reaches the audience w/o using TV, radio, newspapers
153
Direct Marketing Techniques
* Fliers
* Catalogue Distribution
* Promotional letters
* Street Advertising
154
T or F
Purchasing and Procurement are used interchangably
False
155
Types of Authority
* Positional
* Expert
* Reward
* Coercive
* Referent
156
Is a focus group quantitative or qualitative research?
Qualitative
157
