CB - Consumer Research Objectives and Methods

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Questions and Answers

What is the purpose of Consumer Research?

Increase efficiency

Reduce costs

Maximize profits

Understand customers (correct)

What type of research uses already existing data?

Quantitative research

Qualitative research

Primary research

Secondary research (correct)

One benefit of defining clear objectives is:

Increase company profits

Ensure appropriate research design (correct)

Facilitate market understanding

Determine the marketing budget

Which is an example of a product research objective?

Product quality analysis Signup and view all the answers

Consumer segmentation allows:

Divide the market into specific groups Signup and view all the answers

Which factor influences changes in consumer behavior?

External factors Signup and view all the answers

Which aspect does not belong to product research?

Consumer behavior Signup and view all the answers

Which of the following is a source of secondary data?

Government reports Signup and view all the answers

One advantage of secondary data is:

Low cost Signup and view all the answers

What is a common challenge with secondary data?

Limited relevance Signup and view all the answers

Internal data is:

Generated internally by the company Signup and view all the answers

Which tool can be useful for evaluating brand recognition?

Consumer reviews Signup and view all the answers

Which of the following examples reflects a consumer research objective?

Purchase behavior Signup and view all the answers

What are the main types of secondary data?

Internal and external Signup and view all the answers

Which of the following is an example of external secondary data?

Google search trends Signup and view all the answers

What does it mean that secondary data is 'cost-effective'?

It is economical Signup and view all the answers

What kind of information does competitive analysis provide?

Information on other companies' products Signup and view all the answers

Which secondary source contains health statistics?

Government statistics Signup and view all the answers

Which secondary source can help understand brand perceptions?

Reviews on Trustpilot Signup and view all the answers

What type of analysis allows understanding the effect of prices on demand?

Price elasticity analysis Signup and view all the answers

An advantage of secondary data is:

Its cost and accessibility Signup and view all the answers

Which factor can limit the usefulness of secondary data?

Lack of specific relevance Signup and view all the answers

What does benchmarking allow in the context of secondary data?

Compare with industry standards Signup and view all the answers

Secondary data can show:

Changes in trends and patterns Signup and view all the answers

What type of source is a sports footwear industry report?

Secondary source Signup and view all the answers

Social media data is useful for:

Monitoring public perception in real-time Signup and view all the answers

Secondary research does not allow:

Obtaining data for a specific campaign Signup and view all the answers

Why is accuracy important in consumer research?

It ensures informed decisions Signup and view all the answers

Nielsen reports can be useful for:

Examining industry trends Signup and view all the answers

What is critical in consumer research?

Understanding attitudes and perceptions Signup and view all the answers

Study Notes

Consumer Research Objectives

The purpose of consumer research is to understand customers better and identify insights to influence their decision-making.
Clear objectives are crucial for planning research design and ensuring relevant data collection.
Product research objectives aim to analyze product quality and understand the product's life cycle in relation to competition.
Consumer segmentation divides customers into distinct groups based on demographics, behavior, or needs.
External factors influence consumer behavior, such as economic trends or cultural changes.

Secondary Research in Consumer Research

Secondary research involves analyzing pre-existing data collected by other sources.
Secondary data can be internal, such as sales records, or external, like government reports or industry research.
Advantages of secondary data include cost-effectiveness and accessibility.
Disadvantages of secondary data include limited relevance to specific research questions and potential data accuracy limitations.
Competitive analysis uses secondary sources to understand competitors' strategies and products.
Secondary sources are crucial to understand industry trends, brand perceptions, and price elasticity.
Benchmarking involves comparing the company's performance to industry standards using secondary data.
Social media data provides valuable insights into real-time public perception and can be used to monitor brand sentiment.
Accuracy is crucial for secondary research to ensure informed decision-making.
Nielsen reports provide insights on consumer trends in specific industries.

### Critical Factors in Consumer Research

Understanding customer attitudes, perceptions, and behavior is critical to inform decisions in consumer research.

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Description

This quiz explores the key objectives in consumer research and the significance of both primary and secondary research methodologies. It emphasizes the importance of clear objectives in understanding customer behavior and highlights the advantages and disadvantages of secondary data. Test your knowledge on consumer segmentation and influencing factors in decision-making.