Market Research & Data Analysis Flashcards
7 cards from real CMA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Market Research & Data Analysis flashcards as text
A firm uses sales tracking data, social media listening, and consumer survey results to build a complete market picture. This integrated approach is known as:
Answer: Mixed-methods research
Mixed-methods research combines quantitative and qualitative data from multiple sources to produce richer, more validated insights.
A brand tracks its 'share of voice' (SOV) in digital media. What does SOV measure?
Answer: The percentage of total industry advertising spend attributed to the brand
Share of voice measures a brand's advertising expenditure as a proportion of the total spending within its market or category.
Which of the following is an example of using predictive analytics in market research?
Answer: Using a regression model to forecast next quarter's demand based on historical trends
Predictive analytics applies statistical models to historical data to forecast future outcomes, such as demand or customer behavior.
In a perceptual map, the axes typically represent:
Answer: Key attributes or dimensions used by consumers to evaluate competing brands
Perceptual maps plot brands or products on dimensions that reflect how consumers perceive key product attributes relative to competitors.
A researcher reports a statistically significant result with p < 0.05. What does this mean?
Answer: There is less than a 5% probability the observed result is due to chance, assuming the null hypothesis is true
A p-value below 0.05 means there is less than a 5% probability of observing the data if the null hypothesis were true, leading to rejection of the null.
When using focus groups for market research, which limitation should analysts be most aware of?
Answer: Group dynamics and dominant participants can suppress minority opinions, reducing reliability
Groupthink and vocal participants can skew focus group findings, making the output less representative of the full range of individual views.
A CMA analyst segments customers using K-means clustering on purchase behavior data. Which statement best describes K-means clustering?
Answer: It assigns each data point to one of K predefined clusters by minimizing within-cluster variance
K-means clustering partitions data into K groups so that each observation belongs to the cluster with the nearest centroid, minimizing intra-cluster distance.