S2: Consumer/Market Research Flashcards
What type of data gets included in secondary data?
Census data, Google trends
What type of data gets included in primary data?
Exploratory, Descriptive, Experiments
What are the Exploratory types of research?
Focus groups, projective techniques
What are the Descriptive types of research?
Surveys, observations
What are the Experiments types of research?
EXPERIMENTS
What is Conjoint Analysis?
Analysis that aids decision making about design of new products by assessing tradeoffs among customers’ attribute preferences
How do you assess the cost of utility points in conjoint analysis?
(Price 1 - Price 2) / coefficient for Price
How do you assess the break-even price for a feature in conjoint analysis?
Utility cost x coefficient of feature
What are the advantages of secondary data?
Lower cost, available immediately, no delay to business decisions
No expertise to collect
What are the disadvantages of secondary data?
Hidden assumptions.agenda
May answer slightly different question
No competitive advantage
What is the ideal goal for Exploratory research?
Explore broad, early-stage objectives & questions
What is the ideal goal for Descriptive research?
Investigate more precise, better defined objectives
What is the ideal goal for Experiments?
Establish cause-and-effect relationships
Should exploratory research be used to recommend final courses of action?
No
Why is exploratory research best for preliminary research?
Samples too small to generalize
Participants not randomly selected
Responses from group members not independent
What are projective techniques designed to do?
Elicit attitudes/behaviors that are socially undesirable, incriminating, or unconscious
What are popular projective techniques?
Sentence completion
Word association
What does descriptive research generate?
Answers that can be used to formally evaluate research hypotheses
Insights into how target consumers actually behave
What form of research is best at establishing causality?
Experiments
What do experiments generate?
Insights into the impact of specific marketing activities
What are the conditions for establishing causality?
Covariation: change in cause must co-occur with effect
Temporal antecedence: cause must precede the effect
Absence of plausible/rival explanations: control groups are necessary for comparison
What’s the problem with this sample question?
Why do you like Wendy’s burgers better than those of competitors?
Leading question
What’s the problem with this sample question?
Do you eat at fast-food restaurants regularly?
Ambiguous question
What’s the problem with this sample question?
What was the occasion for eating your first hamburger?
Unanswerable question
