Market Research Overview

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Questions and Answers

What type of research is designed to identify solutions to specific problems?

Applied Research (correct)

Descriptive Research

Fundamental Research

Exploratory Research

Causal Research is primarily used to collect preliminary data.

False

What is the primary goal of Exploratory Research?

To clarify the nature of a marketing problem.

_______ RESEARCH is also known as basic or theoretical research.

Fundamental Signup and view all the answers

Match the following types of research with their descriptions:

Descriptive Research = Describes marketing mix characteristics Cross-sectional Research = Studies a group or subgroup at one point in time Action Research = Assesses the effectiveness of actions in achieving desired outcomes Fixed Research = Involves consistent methodologies over time Signup and view all the answers

What is a characteristic of Causal Research?

It examines the effect of one variable on another. Signup and view all the answers

Field Research occurs mostly in controlled environments or labs.

False Signup and view all the answers

What does Deductive Research do?

Moves from broad to specific and tests a hypothesis. Signup and view all the answers

What is the primary purpose of market research?

To determine the viability of a new service or product Signup and view all the answers

Defining the problem is not a crucial step in the market research process.

False Signup and view all the answers

What two major categories of research methodologies should be considered when approaching formulation?

Primary and Secondary Signup and view all the answers

The process of gathering data from targeted respondents is known as __________.

Data Collection Signup and view all the answers

Match the following research methodologies with their characteristics:

Qualitative = Exploratory data collection using small samples Quantitative = Structured data collection with larger samples Primary = First-hand data collected directly from respondents Secondary = Data collected from existing sources or studies Signup and view all the answers

Which of the following should be done during data processing?

Clean the data Signup and view all the answers

Sample size saturation is not relevant when conducting qualitative research.

False Signup and view all the answers

What should be monitored during the data collection process to ensure data quality?

Potential problems such as bad respondents and programming errors Signup and view all the answers

Study Notes

Market Research Overview

Aims to assess the viability of new products/services through direct customer research.
Essential for shaping a company's marketing strategy and resource allocation.
Helps brands connect with consumers in innovative ways.

Defining the Problem

Establishes direction for market research.
Engage clients on how they will utilize research findings and decisions to be made.
Address limitations early on and set clear research expectations.

Approach Formulation

Decide on a research methodology: Secondary, Primary, Qualitative, or Quantitative.
Determine the required data type based on potential business decisions.

Research Design Selection

Identify the target data group: Customers, Non-Customers, or Category Users.
Budget considerations may restrict access to the desired population.
In qualitative research, smaller sample sizes are standard due to exploratory intent.

Data Collection

Conduct soft launches for online surveys to identify issues.
Monitor data collection actively to ensure high data quality.

Data Processing

Clean and maintain quality control for both quantitative and qualitative data.
Use coding for open-ended questions to discern patterns.
Employ cross-tabulated tables for survey data organization.
Transcribe interviews and discussions for thematic analysis.

Analysis & Reporting

Align research findings with key business objectives to demonstrate impact.
Share preliminary insights with stakeholders for practical verification.
Prioritize storytelling over mere data presentation to enhance recommendations.

Types of Research

Exploratory Research: Preliminary data collection to clarify marketing issues before extensive research.
Descriptive Research: Describes characteristics of marketing mixes or explains specific problems.
Causal Research: Tests cause-and-effect relationships; answers "What if" and "Why" questions.

Research Methodologies

Fundamental Research: Aims to understand phenomena without seeking practical applications, enhancing theories.
Applied Research: Addresses specific problems with implementable solutions.
Action Research: Self-assessment method typically used in education to evaluate effectiveness and guide decisions.

Causal and Cross-sectional Research

Casual Research: Identifies cause-and-effect relationships; evaluates current processes and changes.
Cross-sectional Research: Analyzes a specific group at one time, focusing on shared characteristics.

Distinguishing Research Approaches

Deductive Research: Broad to specific approach, testing hypotheses through experimentation or observation.
Field Research: Conducted "on location," gathering data where participants are found.
Fixed Research: Involves structured methodologies not detailed in the text.

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Description

This quiz explores the critical components of market research, emphasizing its role in determining the viability of new products or services. Participants will learn how defining the problem is essential in shaping effective marketing strategies and resource allocation. Assess your understanding of market research and its importance in connecting with consumers.