Trivia Flashcards

What is the reason of conducting market research?

Answer: To find out customers' expectations

The primary goal of market research is to gather information about target markets and customers. Understanding customers' expectations, needs, preferences, and behaviors is crucial for businesses to develop effective products, services, and marketing strategies. This insight helps companies make informed decisions, innovate, and remain competitive by truly meeting consumer demands.

What is market research defined as?

Answer: The systematic and objective process of generating information to aid in making marketing decisions

Market research is systematically defined as an objective process for gathering and analyzing information. Its primary purpose is to provide data-driven insights that assist businesses in making informed and effective marketing decisions. This systematic approach ensures that information is reliable and directly applicable to strategic planning.

What drawbacks are there to performing field research?

Answer: It's an expensive and time consuming process

Field research, also known as primary research, involves collecting new data directly from original sources. This process often requires significant investment in terms of time for planning, execution, and analysis, as well as financial resources for personnel, travel, and data collection tools. Consequently, its inherent nature makes it a more expensive and time-consuming endeavor compared to using existing data.

When is it appropriate to conduct market research?

Answer: After a product launch to assess customer response

Market research is valuable at various stages, but conducting it after a product launch is particularly crucial. This allows businesses to gather real-world feedback on customer satisfaction, product performance, and market acceptance. Such post-launch insights are essential for making necessary adjustments, refining marketing strategies, and informing future product development.

A survey is what kind of market research?

Answer: Primary Research

Surveys are a prime example of primary research because they involve collecting new, original data directly from respondents for a specific research purpose. Unlike secondary research, which uses existing data, surveys gather fresh insights tailored to the current objectives. This direct data collection method provides firsthand information about consumer opinions, behaviors, and preferences.

What kinds of market research are examples of observational?

Answer: All of the above

Observational research involves systematically watching and recording patterns of behavior or market phenomena without direct interaction. This includes a wide range of activities such as documenting various aspects of a person's behavior in different scenarios, observing individuals' actions during a shopping trip, and noting non-verbal cues. All these methods fall under the umbrella of observational research as they involve direct, non-interventive data collection.

What does "desk research" mean?

Answer: Doing secondary research

Desk research is synonymous with secondary research, which involves gathering and analyzing existing data that has already been collected by others. This type of research typically utilizes readily available sources like reports, articles, government statistics, and internal company records. It's called 'desk research' because it can often be conducted from an office, without the need for fieldwork or direct interaction with respondents.