Live Session Exercise 1 Flashcards
What is the task of market research?
To provide relevant, accurate, reliable, valid and current information to support sound marketing decisions by reducing uncertainty.
What are the steps in the simple linear market research process?
- Problem definition 2. Developing approach 3. Research design 4. Data collection 5. Data preparation/analysis 6. Report preparation/presentation.
What management skills are increasingly demanded from market researchers?
Conceptual thinking, strategic insight, effective communication, holistic evidence interpretation, and cross-functional collaboration.
What factors fuel the growth of international market research?
Global trade expansion, internet and satellite communication, informed consumers, global marketing and advertising.
What are ethical issues for clients in market research?
Avoid misrepresentation, provide full information, do not misuse supplier designs, avoid misleading conclusions.
What are ethical issues for suppliers in market research?
Maintain objectivity, ensure accuracy, disclose methods, respect confidentiality.
What are ethical issues for respondents in market research?
Protect privacy, ensure anonymity, inform respondents about the research purpose.
What are the components of a market research brief?
Background, objectives, target audience, use of findings, constraints, administrative considerations.
What are the components of a market research proposal?
Executive summary, background, problem definition, objectives, design, fieldwork, analysis, reporting, budget/timeline, researcher info, agreement.
How do exploratory and conclusive research differ?
Exploratory: flexible, insight-focused. Conclusive: structured, measurable, used for generalisation and hypothesis testing.
What are purposes of exploratory research?
Gain background info, define problems, develop hypotheses, screen concepts, explore constructs, mine data, explore sensitive topics.
What are purposes of descriptive research?
Describe groups, estimate population metrics, assess perceptions, identify associations, make predictions.
What are the advantages of access panels?
Track changes over time, detailed data, more accurate, respondent rapport.
What are disadvantages of access panels?
Bias from dropout/fatigue, unrepresentative sample, early-stage bias.
What is a cross-sectional design?
Collects data at a single time point from a sample to describe a population or behavior.
What is a longitudinal design?
Collects repeated data from the same sample over time to detect change and trends.
What are advantages of longitudinal design?
Detects change, builds rapport, detailed data.
What are disadvantages of longitudinal design?
Potential bias from familiarity, respondent dropout.
What are sources of sampling error?
Sample not fully representing the population; over- or under-representation of types.
What are sources of non-sampling error?
Non-response error, response error from poor questions, misrecording, respondent bias.
Why minimise total error rather than one type?
Focusing only on sampling error can increase non-sampling error and distort conclusions.
How can operational data help understand customer behaviour?
Operational data from transactions (invoices, sales) reveals buying patterns, customer types, profitability, and seasonal trends.
What is geodemographic classification?
Combines geographic and demographic data to segment consumers into lifestyle-based clusters.
How does compiling different data types help understand consumers?
Combining demographics, behaviours, location, and psychographics builds detailed profiles for effective marketing.
