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New Product Development Professional Studies > Market Research > Flashcards

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
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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

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3
Q

What are 6 Research Methods?

A
  1. Ethnography - Anthropological
  2. Interviews
  3. Customer Onsite Visits
  4. VOC
  5. Focus Groups
  6. Surveys
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4
Q

Confirmatory Research

A

Performed to confirm or negate an assumption or theory

Involves testing against a hypothesis or specific assumptions

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5
Q

Where does Exploratory Research Help?

A
  • determine probable direction and design
  • data collection method
  • and/or selection of subjects
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6
Q

Exploratory Research

A

Research conducted becase a problem has not been clearly defined.

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7
Q

Why do Secondary Research First?

A
  • low cost
  • relatively quick
  • provides direction
  • provides a context
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8
Q

What is McQuarrie Rule?

A

Do Secondary Research first.

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9
Q

How is Qualitative Research frequently used?

A
  • gather initial customer needs
  • obtain reactions to ideas and concepts
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10
Q

Qualitative Research

A
  • Research with a very small number of respondents
  • groups or individually
  • to gain impression of beliefs, perceptions and opinions
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11
Q

Why is Quantitative Research useful?

A

Reduces uncertainty with many other aspects of product development.

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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
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13
Q

3 Types of NPD Research

A
  1. Quantitative or Qualitative
  2. Primary or Secondary
  3. Exploratory or Confirmatory
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14
Q

What does Market-Driven Product Innovation begin with?

A

Market / Customer Needs

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15
Q

Market Driven

A

Where the marketplace driects the firm’s product innovation efforts

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16
Q

When Does Market Research Begin?

A

Stage 1 - Concept Identification

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17
Q

What is Outcome Driven?

A
  • Uncovering customers’ measure of value
  • Determine which are underserved

then devise solutions that address opportunties

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18
Q

What are customers’ fundamental measures of product performance?

A

Outcomes

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19
Q

Outcome

A

A metric customers use to measure how well they are getting a job done.

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20
Q

What is Pareto Chart?

A

A bar graph with the bars in descending order to identify the largest opportunity for improvement.

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21
Q

What is the value of a Pareto Chart?

A

Distinguishes the ‘vital few’ from the ‘useful many’.

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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
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23
Q

Sources of Market Research

A
  1. Secondary Market Research - already published or publically available
  2. Primary Market Research - from customers themselves
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24
Q

Market Research Definition

A

Info about

Customers

Competitors

Markets

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25
Q

What is the most difficult part of Market Research?

A

Defining the problem.

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26
Q

Why is Market Research Important?

A
  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!
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27
Q

What is the Value of Research?

A

It guides you to the target.

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28
Q

What is a Population?

A
  • Collection of
    • People
    • Animals
    • Plants
    • Things
  • From which we collect data
  • And wish to describe or draw conclusions about
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29
Q

How is R&D Typically Defined?

A

Experimentation and Discovery that is used for product creation.

Note: not the act of product creation

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30
Q

Research and Development Definition

A

R&D is the brand of the company that translates requirements into solutions

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31
Q

Customer Research

A

Things you want to find out about your customers.

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32
Q

Conjoing Analysis

A

Used to determine how people value different features that make up an individual product

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33
Q

Where is Conjoint Analysis Used Today?

A

Social and Applied Sciences

  • Marketing
  • Product Management
  • Operations Research
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34
Q

Where did Conjoint Analysis Originate From?

A

Mathematical Psychology

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35
Q

What is Preference Regression?

A

Statistical technique to determine customers’ preferred core benefits

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36
Q

Application of Preference Regression

A
  • Raw Survey data

Apply positioning techniques to determine important dimensions

and plot the position of competing products on these dimensions

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37
Q

How is Preference Regression used?

A
  • Supplements product positioning

such as multi-dimensional scalings

or

factor analysis

used to create ideal vectors on perceptual maps

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38
Q

Who is IDEAL?

A
  • Netherlands Internet payment method
  • Direct transfers from bank account for Internet purchases
  • Introduced in 2005
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39
Q

Who are the 2 companies that gather ratings for TV in the U.S.?

A
  1. Arbitron
  2. A.C. Nielson
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40
Q

How does Arbitron gather its ratings statistics?

A
  • 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
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41
Q

Who uses Ratings to measure performance?

A
  • Radio
  • Cable
  • TV
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42
Q

Clustering

A

Unsupervised learning

A common technique for statistical data analysis

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43
Q

What terms have similar meanings to Clustering?

A
  • Automatic Classification
  • Numerical Taxonomy
  • Botryology
  • Typological Analysis
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44
Q

What fields is Clustering commonly used?

A
  • Machine learning
  • Data mining
  • Pattern Recognition
  • Image Analysis
  • Info Retrieval
  • Bioinformatics
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45
Q

Who created the first Focus Groups?

A

Bureau of Applied Social Research (USA)

by

Associate Director, Robert Merton

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46
Q

What are people generally asked in a Focus Group?

A
  • Perceptions
  • Opinions
  • Beliefs
  • Attitudes

Toward a

  • Product
  • Service
  • Concept
  • Advertisement
  • Idea
  • Packaging
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47
Q

When and where was the Stakeholder Concept first used?

A

1963 internal memo

Stanford Research Institute

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48
Q

How did Stanford Research Institute define Stakeholders?

A

Those grops without whose support the organization would cease to exist.

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49
Q

What is Authority?

A

Formal or legitimate authority specified in the project charter.

Gives the mgr authority to act in the name of the Sponsor or Organization

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50
Q

Positional Authority

A

Project Mgr’s authority enforced by the project charter.

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51
Q

Coercive Authority

A

Motivating staff by punishment or fear

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52
Q

Expert Authority

A

Earned if team respects one’s skills as a project mgr or SME

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53
Q

Reward Authority

A

Positive Reinforcement and ability to reward with something of value.

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54
Q

Referent Authority

A

Ability to influence others through charisma, personality and charm.

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55
Q

Considerations on whether or not to do Market Testing

A
  • Special launch situations
  • Whether info dictates testing
  • Cost of test
  • Nature of marketplace
  • Testing capabilities
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56
Q

Advantages of Market Testing

A
  • Leads to solid forecasts of dollar and unit sales volume
  • Provides diagnostic info to improve launch components
  • Identifies what may need to be enhanced
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57
Q

Advantages of Product Use Testing

A
  • Real environments can show product strengths and weaknesses
  • Early seeding of the market
  • Can test internal readiness
  • Helps answer “Are we ready?”
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58
Q

How is Concept Testing Used?

A
  • Eliminate poor concepts
  • Helps develop the concept
  • Estimate sales or trial rate of concept
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59
Q

Advantages of Concept Testing

A
  • 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
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60
Q

Where is Concept Testing NOT a good technique

A
  • Where benefit is a personal sense
  • New art and entertainment
  • New technology
  • When consumers don’t know what problems they have
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61
Q

Advantages of VOC

A
  • Detailed understanding of customers’ req’s
  • Common language for team
  • Key inputs for design
  • Highly useful springboard for product innovation
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62
Q

Disadvantages of VOC

A

Potential for interviewer bias

Instability and imprecision in small spaces

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63
Q

What Research Method consists of both qualitative and quantitative research steps?

A

VOC

64
Q

What does VOC produce?

A

Detailed set of customer wants and needs

Organized in hierarchical structure

Prioritized by relative importance

65
Q

Voice of Customer (VOC)

A

Process of capturing customer requirements

66
Q

Disadvantages for Customer Visits

A
  • Potential for interviewer bias
  • Instability and imprecision in small samples
67
Q

Advantages of Surveys

A
  • Descriptive
  • Precise
  • Objective
  • Statistical tools available
  • Shows differences between groups

More powerful over time because they identify trends

68
Q

Disadvantages of Surveys

A
  • Learn what - not why
  • Not good for discovery
  • self reported
  • not rewarding - shallow data

doesn’t relect group decision making process

69
Q

Advantages of Focus Groups

A
  • Provides fresh insights
  • Indepth understanding
  • Direct words from the market
  • Questions can be changed quickly
  • Can observe behavior
    • good for usage studies
70
Q

Disadvantages of Focus Groups

A
  • Group dynamics can suppress participation
  • Various interpretations
  • Results not applicable to market or population
  • Results heavily influenced by moderator
71
Q

What is the usual make up of a Focus Group

A

6 - 10 Participants

2 - 3 Groups

72
Q

Goals of Market Analysis

A

Determine attractiveness of a market - now and in the future

73
Q

Cost Economics

A

An alternative that is given up as a result of a decision

74
Q

A Marketing Plan may be part of an overall _____________ plan

A

Business Plan

75
Q

Force Feedback

A

In medical and gaming - its a virtual reality appliction

Adds more than visual experiences

Other sensory such as sound

76
Q

KPN Group Belgium is the __________ largest of Belgiums 3 mobile telephone operators

A

3rd

77
Q

BASE

A

Telephony services and broadband internet

BASE is a brand of KPN Group Belgium

78
Q

Product Concept

A

Showcases the best qualities of the product

79
Q

Semantics

A

Prototypes or Proto Instances the combine the most representative attributes of a category

80
Q

Prototypes

A

Typical instances of a category that serve as benchmarks against surounding, less representative

81
Q

How do organizations evaluate the future attractiveness of a market through market analysis?

A

Gain understanding of evolving opportunities and threats

as they relate to the company’s own strengths and weaknesses

82
Q

Dimensions of Market Analysis

A
  • Market size (current and future)
  • Market growth rate
  • Market profitability
  • Industry cost structure
  • Distribution channels
  • Market trends
  • Key success factors
83
Q

Quality

A

Non-inferior

Superiority

  • Perceptual
  • Conditional
  • Subjective
84
Q

De-Positioning

A

Attempting to change the identify of competing products

relative to the identify of your own product

in the collective minds of the market

85
Q

Market Analysis

A

Documented investigation of a market used to inform planning activity arounds decisions of

  • inventory
  • workforce
  • capital equipment purchases
  • promotional activities
  • purchases
  • facility expansion
86
Q

Marketing Mix Strategy - Variables

A

Product

Place (Distribution)

Promotion

Price

87
Q

The First Elemenet in Marketing Strategy

A

A well defined target market

88
Q

Repositioning

A

Changing the identity of the product relative to the identify of competing products in the collect minds of the target market

89
Q

Positioning

A

Process of creating an image or identity of the target market for the product, brand or organization

90
Q

Since 1695, the word “product” has referred to

A

thing or things produced

91
Q

Cost

(business, retail, accounting)

A

value of money that has been used to produce something

hence not available for use anymore

92
Q

Methods of Concept Testing

A

Field Surveys

Personal Interviews

Focus Groups

In combination with various quantitative methods

93
Q

Concept Testing

Non-Rationale Benefits

A

‘a shampoo that lets you be yourself’

94
Q

Concept Testing

Rationale Benefits

A

rationale nature

“a detergent that removes stains but is gentle on fabrics’

95
Q

Concept Testing Alternative

A

Used to generate communication designed to alter customer attitudes toward existing products

96
Q

Concept Testing

A

Using quantitative and qualitative methods to evaluate customer response to a product, idea prior to intro into the market

97
Q

Research Methods Used in Stage 1 - Opportunity Identification

A

Secondary Research

Customer visit / VOC

98
Q

Why use Secondary Research and/or Customer visit/VOC in Stage 1 - Opportunity Identification

A

Identify market opportunities

99
Q

What Research Methods are used in Stage 2 - Concept Generation?

A
  • VOC / Customer Visits
  • Ethnographic
  • Surveys
100
Q

Why are VOC/Customer Visits, Ethnographic and Surveys Research Methods used in Stage 2 - Concept Generation?

A

Understand Customer Needs

Generate Product Platforms or Concepts

101
Q

Research Methods Used in Stage 3 - Concept Evaluation

A

Concept Testing

Focus Groups

102
Q

Why are Concept Testing and Focus Groups used in Stage 3 - Concept Evaluation

A

Select projects for funding

103
Q

Research Methods used in Stage 4 - Development

A

Product Use Testing

Focus Groups

Alpha/Beta Test

104
Q

Why Use Product Use Testing in Stage 4 - Development

A

Test designs / prototypes

Validate new product designs

105
Q

Research Method used in Stage 5 - Launch

A

Market Testing

106
Q

Why use Market Testing in Stage 5 - Launch

A

Test Launch Plan

Measure new product success

107
Q

Typical way we solve problems in Stages 1 and 2

A

Identify problem (hardest)

Investigate problem

108
Q

Typical way we solve problems in Stage 3 - Concept Evaluation

A

Identify possible solutions

109
Q

Typical way we solve problems in Stages 3 and 4

A

Testing proposed solutions - Concept Testing

110
Q

Typical way we solve problems in Stage 4 - Development

A

Pick best solution

Build and test solution

Product Use Testing

111
Q

Typical way we solve problems in Stage 5 - Launch

A

Launch and market solution

Market Testing

112
Q

Economic and Commerce Definition of End User

A

person who uses the product

113
Q

Concept Testing

A

Process using quantitative and qualitative methods to evaluate customer response to a product idea

114
Q

Semantics

A

Prototype or Proto Instances

combine the most representative attributes of a category

115
Q

Lead User Definition

A

lead users face needs that will be general in a marketplace

but face them months or years before the bulk of the marketplace

116
Q

Who Developed the term “Lead User”?

A

Eric Von Hippel in 1986

117
Q

TEAM stands for

A

TEAM

118
Q

Lead User Method Introduction

A

A market research tool used by companies or individuals seeking to develop breakthrough products

119
Q

Who are Woodward & Brady

A

former IBO (Independent Business Owners)

A Qixtar and board of Quixtar’s IBOAI

120
Q

Business Analysts who soley work on software systems may also be called…

A
  • It Business Analysts
  • Technical BA
  • Online BA
  • Systems Analysts
121
Q

Business Analysis Solutions

A
  • Systems Development
  • process improvement
  • organizational change
  • policy development
122
Q

Business Analysis

A

discipline of identifying business needs and determining solutions to business problems

123
Q

Where is Pairwise Comparison Used?

A

Scientific study of

  • Preferences
  • Attitudes
  • voting
  • systems
  • social choice
  • public choice
  • multi-agent MI systems
124
Q

Pairwise Comparison

A

comparing entities in pairs to judge which is preferred or has greater quantiative quality

125
Q

What is the criticism of saying “no comment”

A

because one of the goals of working with the press is to resolve issues before they become hot topics

126
Q

Benefits of User Analysis

A

makes sure the system will be more user friendly

127
Q

User Analysis

A

process to identify potential user of a system and their attributes

128
Q

What is the Belbin Team Inventory Method?

A

A method to identify the different types of personalities in a team

129
Q

Examples of Team Management Approaches

A

Belbin Team nventory

Ken Blanchard’s High Performing Teams

130
Q

What might a Comprehensive Layout include?

A

Stock photography

Clip Art6

other that gives an idea what should be visually communicated

131
Q

Comprehensive Layout

A

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
Q

What does Procurement typically include?

A

Expediting

Supplier Quality

Traffic and Logistics

Purchasing

133
Q

Name types of resources in project mgmt terminology

A
  • people
  • equipment
  • facilities
  • funding
  • anything else req’d for completion of the project
134
Q

T or F

The volume of B2C transactions is greater than B2B

A

False

135
Q

Contrasting terms to B2B

A

B2C

B2G

136
Q

How do firms achieve more consistent quality?

A

use quality assurance

+

control of processes and products

137
Q

What is Quality Managment Focused On?

A
  1. Product/service quality
  2. The means to achieve it
138
Q

Quality Mgmt’s 4 Main Components

A
  1. Quality Planning
  2. Quality Control
  3. Quality Assurance
  4. Quality Improvement
139
Q

Total Quality Management

A

an integrative philosophy of management for continuously improving the quality of processes and products

140
Q

Why have firms launch Top Quality Mgmt Programs?

A

attempt to regain or retain competitivness by achieving customer satisfaction

141
Q

Decision Matrix

A

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
Q

Where is a Decision Matrix Useful?

A

Looking at large masses of decision factors and assessing each factor’s relative significance

143
Q

Test Market

A

Geographic region or demographic group used to gauge the viability of a product in the mass market prior to a wide scale rollout

144
Q

Test Market aims to duplicate…

A

everything on a smaller scale

  • promotion
  • distribution
  • product
145
Q

Criteria Used to Judge Viability of a Test Market include

A
  • 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
Q

T or F

A Marketing Plan without a strategic foundation is still useful

A

False

147
Q

Difference Between Market Research and Marketing Research

A

Market Research - specific to markets

Marketing Research - specific to marketing process

148
Q

A Good (narrow defintion)

A

a tangible product that can be contrasted with a service that is intangible

149
Q

Risk

A

A choice having an influence on the outcome

Potential losses themselves may be called risks

150
Q

Duration

A

duration of project’s terminal element

of calendar periods it takes from the time of element execution until its completed

151
Q

T or F

Direct Advertising is a sub-discipline and type of marketing

A

True

152
Q

Direct Marketing

A

advertising that reaches the audience w/o using TV, radio, newspapers

153
Q

Direct Marketing Techniques

A
  • Fliers
  • Catalogue Distribution
  • Promotional letters
  • Street Advertising
154
Q

T or F

Purchasing and Procurement are used interchangably

A

False

155
Q

Types of Authority

A
  • Positional
  • Expert
  • Reward
  • Coercive
  • Referent
156
Q

Is a focus group quantitative or qualitative research?

A

Qualitative

157
Q
A

New Product Development Professional Studies (7 decks)

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