Marketing Research Flashcards
1
Q
Market research definition
A
Approach that enables improvement of consumer understanding, anticipate consumer needs and respond with products and services that improve their everyday life
2
Q
Why conduct market research?
A
- Feedback: decrease risks and improve effectiveness (use info to improve offering)
- Understanding: learn about attitudes/behaviour or large/diverse population
- Decision quality: better than decisions based on judgement
3
Q
Types of demand
A
- Existing demand: need identified and currently satisfied
- Latent demand: need identified but not satisfied
- Incipient demand: need unidentified and not satisfied
4
Q
Types of latent demand
A
- New product to target existing market
- Existing product to target new market
5
Q
Process of Market Research
A
- Problem definition
- Develop hypothesis
- Develop sampling plan
- Design instrument to collect data
- Collect data
- Analyse data
- Interpret results
- Communicate results
6
Q
Four phases of the MR process (and corresponding research)
A
- Exploration (Qualitative: hypothesis generation)
- Development (Quantitative: hypothesis testing)
- Decision Making
- Assessment (Desk research: understanding)
7
Q
Pitfalls of MR
A
- Deceptively easy (no need for complication)
- Good and bad research (e.g. techniques)
- Obvious results
- Costs and time
8
Q
Three important questions for MR (deciding whether or not to undertake an MR)
A
- Do we need more information?
- Is the decision contingent upon research outcome?
- Can we use the results? (does it add value)
- If answer is ‘no’ to any of the above, then don’t do research
9
Q
Primary vs Secondary research
A
- Primary: collect data to solve particular issue (observation, surveys)
- Secondary: someone else has already collected data (internal or external sources)
10
Q
Technique selection
A
- Problem definition and research contribution
- Determine ideal approach (no constraints)
- Risk assessment
- Timing (faster = costlier)
- Budget
- Personalities (team)
- Evaluation method
11
Q
Fastest growing technique and key problems
A
Online market research (cheap and fast)
Problems:
- Changing results (no replicability)
- Decision on bad data (don’t rely on online MR for final decision)
12
Q
Using market research for each type of demand
A
- Existing: finds better ways to satisfy the demand.
- Latent: coming up with a new product for an existing market, or an existing product for a new market.
- Incipient: verify if your invention or idea is something that consumers would want.
