Quantitative data collection and analysis

Question 1

Why perform quantitative market research?

Answer 1

We dont know ..

Enough about what customers actually need
Whats on their mind and how the situation is changing
What are they unhappy about
How many customers are there
How does customer select vendors, search info, decide where to shop
How much are they willing to pay

Question 2

What are some central features when it comes to Surveys?

Answer 2

The use of a fixed set of questions directed to a large set of respondents

The collection of a small amount of data in standardized and quantified form from a relatively large number of individuals

The selections of representative samples of individuals from known populations

Question 3

What is the survey research process?

Answer 3

1. Survey planning
2. Questionnaire design
3. Decide on sample size and source
4. Pretest survey
5. Administer survey
6. Survey data analysis

Question 4

What are the four steps in the survey planning process?

Answer 4

1. State purpose of survey
   Size of market segments, customer satisfaction, product usage, purchases intended
2. Identify kinds of information of interest
   user demographics, usage patterns, ability to pay
3. Identify population to be surveyed
4. Decide on sample size and source

Question 5

What are some good practices when creating a survey questionnaire?

Answer 5

Mostly close ended questions, keep it simple, be specific, some open ended, shorter is better, use the right number of answer categories etc…
Can use question types as: Categorization gender, age etc). Descriptive (how often?) Rating scales

Question 6

Explain “population”, “sample”, “sample frame” in the context of survey sampling

Answer 6

Population is the total set of people that are related to a particular investigation

A sample is a selection from the population

A sample frame is the source from which the selections is made.

Question 7

Explain the formula for computing sample size N in surveys

Answer 7

N = Z^2 * variance / precision^2

Z = Confidence level, how unlikely it would be to get the same difference by chance alone if there really is no difference in the population between the categories represented by your group

Variance = The variance in the population of the quantity to be estimated

Precision = The decision makers tolerable margin of error

Question 8

What factors can make a “poor-quality” response in a data set from a survey?

Answer 8

Straight-lining: Multiple questions have been answered with the same answer ot pattern

Incompleteness

Speeding: Took less time to answer

Gibberish, profanity

Length: Much shorter than other responses

Copy paste answer

Question 9

A few types of analysis of relations between two variables are..

Answer 9

Tabulting and cross tabulating

Comparing means across items

Correlation coefficients, predicting outcome as a afunction of a variable

Question 10

What are some advantages/disadvantages of using questionnaire based surveys?

Answer 10

Pros
- Delivers precise numerical estimates
- Objective
- Reaches many people
- Allows for statistical methods
- Identifies differences between groups

Cons
- Tells you “what” but not “why”
- Rely on self report (actions may differ)
- Participation is unrewarding
- Decisions made by groups

Question 11

What is a combination of a qualititative and a quantitative method?

Answer 11

Concept testing
Testing concepts with potential customers, maybe several concepts, see wich one they like, what can be improved