Introduction to Market Research

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Questions and Answers

What is a primary characteristic of a focus group discussion?

It is used for in-depth, one-on-one discussions.

It consists of 6 to 8 participants. (correct)

It typically lasts for several days.

It involves paired interviews.

In-depth interviews are particularly useful when:

The topic is simple and requires minimal exploration.

A large group is readily available for discussion.

Two participants need to communicate as a pair.

The subject matter is sensitive or difficult to access. (correct)

What is the main focus of ethnographic research?

Using controlled settings for experiments.

Analyzing large-scale market trends.

Conducting surveys to gather quantitative data.

Observing participants in their real-life environments. (correct)

Which research method involves observing product usage in real-life settings?

In Home Visits Signup and view all the answers

Which type of qualitative research would be best for obtaining insights from two friends discussing a product?

Paired Interviews Signup and view all the answers

Quantitative research primarily focuses on:

Counting occurrences and measuring data. Signup and view all the answers

Which of the following best describes a characteristic of mini groups in qualitative research?

They consist of 3 to 4 participants. Signup and view all the answers

What does the term 'CATI' stand for in the context of quantitative research methods?

Computer Assisted Tele Interviews Signup and view all the answers

What is the primary purpose of market research?

To systematically gather and analyze data about customers, competitors, and the market Signup and view all the answers

What distinguishes syndicated research from customized research?

Syndicated research is cheaper due to shared costs, while customized research is proprietary Signup and view all the answers

Which of the following is NOT a method used in qualitative research?

Retail Sales Tracking Signup and view all the answers

What is typically involved in the Television Audience Measurement (TAM) process?

Installing a device in households to record TV viewing Signup and view all the answers

What information does retail sales tracking help to analyze?

Products’ market share in terms of volume and value Signup and view all the answers

Which technique is an example of a projective technique used in qualitative research?

Collages Signup and view all the answers

What is a key characteristic of customized research?

Data is proprietary and tailored to the client's needs Signup and view all the answers

Which of the following is considered a qualitative research method?

Consumer Research Signup and view all the answers

How is data collected in retail sales tracking?

Through a panel of representative traders Signup and view all the answers

Who benefits from understanding the findings of Television Audience Measurement?

Advertisers and media planners Signup and view all the answers

Study Notes

What is Market Research?

Market research involves systematically collecting, recording, and analyzing data about customers, competitors, and the market.
This data helps businesses make well-informed decisions and improves their marketing strategies.

Market Research Stakeholders

Key stakeholders benefit from market research:
- Customers: Gain better products and services
- Marketers: Develop effective campaigns
- Business decision-makers: Make informed choices
- Other stakeholders: Investors, employees, and the market in general

Market Research Types

Syndicated Research:
- Conducted by research agencies at their own cost
- Data is sold to multiple clients
- Less expensive due to shared cost
- Examples: Retail Sales Tracking, TAM (Television Audience Measurement), Net Rating, Ad Tracking, Euro Monitor
Customized Research:
- Designed based on a client's specific business problem
- Data is proprietary to the client
- Flexible, allowing for adjustments to information sought, methodology, and target audience
- Examples: Consumer Research, B2B Research, Trade Research, Social Research

Market Research Methods

Qualitative Research:
- Aims to explore deeper consumer understanding
- Uses projective techniques like Word Association, Leddering, Brand Personification, Brand World, Collages, etc.
- Provides directional insights, not conclusive results
Quantitative Research:
- Involves counting people, occasions, events, usage, etc., in a defined market
- Provides clear direction for decision-making

Qualitative Research Methods

Focus Group Discussion (FGD):
- Group dynamics with 6-8 participants
- A moderator guides the discussion using a structured guide
- Explores ideas and perspectives based on group interactions
In-depth Interviews (IDI):
- One-on-one interview conducted by a moderator
- Used for sensitive topics or with difficult-to-reach target audiences
- Explores individual stories and insights
Mini Groups:
- 3-4 participants
- Used for easily accessible audiences or simple topics
- Provides initial perspectives
Paired Interviews:
- Two individuals, such as friends, couples, or siblings interviewed together
- Explores interactions and joint decision-making
In-Home Visits (IHV):
- Observation of product usage in real-life settings for 2-3 hours
Ethnographic Research:
- Researchers observe and interact with participants in their natural environment
- Explores cultural phenomena by understanding the subject's perspective
- Duration ranges from half a day to several days

Quantitative Research Methods

Online Research:
- Uses web surveys, online panels, and other digital tools to collect data
Face-to-Face Interviews:
- Conducted door-to-door, at mall intercepts, or at Central Location Tests (CLT)
Telephonic Interviews:
- Phone calls conducted to gather data
- CATI (Computer-Assisted Telephone Interviews) enhances the process
Mail Interviews:
- Surveys and questionnaires delivered via postal mail
CAPI (Computer-Assisted Personal Interviews):
- Use of handheld devices or tablets during face-to-face interviews
CAWI (Computer-Assisted Web Interviews):
- Online questionnaires and surveys

Common Research Studies

Habits & Practices: Understanding customer routines and behaviors.
Usage & Attitude: Exploring how customers use products or services and their opinions.
Knowledge, Attitude, Perception Studies: Assessing customer awareness, feelings, and beliefs about brands or products.
Customer Commitment & Satisfaction Studies: Measuring customer loyalty and their satisfaction level.
Product/Concept Testing: Evaluating new product or service ideas.
Ad Testing: Evaluating the effectiveness of advertising campaigns.
Mystery Shopping: Gathering information by anonymously posing as a customer.
Segmentation: Dividing the market into distinct customer groups based on their characteristics.
Pricing: Determining the optimal price for products or services.
Market Size Estimation: Determining the total potential demand for a particular product or service.

Research Design

Primary Research: Gathering direct and original data for a specific study
Desk Research: Utilizing existing information such as industry reports, company data, and competitor analyses
Hybrid Research: Combination of both primary and desk research methods
Qualitative and Quantitative Approaches: Choosing appropriate qualitative or quantitative methods based on research objectives
Online vs. Offline Data Collection: Selecting online (web surveys, social media) or traditional offline methods (face-to-face interviews, telephone surveys)
Sampling Design: Considering the appropriate sample size and type to accurately represent the target population
Analysis Design: Determining the appropriate statistical and analytical techniques for analyzing data.

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Description

This quiz explores the fundamental concepts of market research, including its definition, stakeholders, and types. Understanding these elements is crucial for businesses aiming to enhance their marketing strategies and make informed decisions based on customer and market data.