Market Research

Question 1

What does market research involve?

Answer 1

primary objectives of conducting market research is to support marketing decisions
- market and competitive analysis - market segmentation analysis
- product - test concept, product design
- price - optimal pricings, sales forecast
- promotion - media decisions, advertising effectiveness
- place - site selection, distribution intensity.
Market research often serves a descriptive function which refers to the gathering and presentation of information. Research allows data to be used to predict or forecast the results of a marketing decision or consumer action.

Question 2

What is the definition of market research?

Answer 2

systematic design and execution of initiative’s to collect, analyse and report data, information’s and insights relevant to specific marketing situation facing an organisation (Rotler at al, 2023)

Question 3

What is applied market research?

Answer 3

designed to solve a specific marketing problem, to investigate a particular marketing phenomenon or to understand the results of previous decisions.

Question 4

What is basic marketing research?

Answer 4

is more theoretical and is conducted to advance marketing knowledge in general or to verify a proposed marketing theory or concept.

Question 5

What is secondar data?

Answer 5

consist of information that already exist somewhere, having been collected for another purpose. Internal databases, internet search engines, commercial online databases (statistica)

Question 6

What are the pro’s of secondary data?

Answer 6

obtained more quickly and cheaply than primary, provide data an individual company cannot collect on its own
infos nor directly available or would be too expensive to collect.

Question 7

What does secondary info need to be?

Answer 7

-relevant
- accurate
- current
- impartial

Question 8

What is primary data?

Answer 8

Consists of information collected for the specific purpose at hand. Primary data is collected by different research methods.

Question 9

What are the different research methods for primary data?

Answer 9

• surveys and questionnaires - info on customer knowledge, attributes, preferences and buying behaviour
• experimental research - comparing resulting behaviours across the groups e.g. Netflix AIB to compose members behaviour.
• focus groups - subtle and interesting insights
• interviews - in depth and explore deeper subjects
• project techniques - using ambiguous stimuli that allows respondents
• observational research - human observation, mechanical observation, online observation

Question 10

What’s the problem with in person surveys and focus groups?

Answer 10

they are still prevalent and powerful are now being complemented by newer more agile, more immediate and less costly digital data gathering methods.

Question 11

What are the different research designs?

Answer 11

quantitative research designs - surveys, questionnaires, experiments
qualitative research designs - interviews, focus, groups, ethnography
mixed methods research designs - both quantitative and qualitative methods of analysis