1.1.2 Market Research

• What is the purpose of market research?

  Understand customer needs
• Primary research involves collecting data directly from the market
• Secondary research uses data from existing sources.
• What are common methods used in primary research?

  Surveys, interviews, focus groups
• Primary research is generally more expensive
• Order the steps in designing market research surveys

  1️⃣ Setting objectives

  2️⃣ Selecting question types

  3️⃣ Structuring the survey

  4️⃣ Piloting the survey

  5️⃣ Finalizing the survey
• What type of data is collected in quantitative research?

  Numerical data
• Experiments in quantitative research are used to determine cause-and-effect relationships.
• Qualitative research focuses on understanding consumer behaviour through non-numerical data
• Match the qualitative research technique with its benefit:

  Interviews ↔️ In-depth insights

  Focus Groups ↔️ Rich group dynamics

  Observations ↔️ Real-world context
• When conducting a survey, one of the first steps is setting objectives
• What are examples of survey question types?

  Open-ended, close-ended, multiple-choice
• Piloting a survey involves testing it with a small group to identify issues.
• Steps in designing a survey

  1️⃣ Setting objectives

  2️⃣ Selecting question types

  3️⃣ Structuring the survey

  4️⃣ Piloting

  5️⃣ Finalizing
• Open-ended questions provide detailed, free-form answers
• Open-ended questions are easy to analyze statistically.

  False
• What is the main advantage of close-ended questions?

  Easy to analyze
• Match the data analysis technique with its purpose:

  Descriptive Statistics ↔️ Summarizes customer behavior

  Regression Analysis ↔️ Predicts future behavior

  Clustering ↔️ Identifies target segments
• Regression analysis can show that website loading speed impacts customer conversion
• Market research helps businesses make informed decisions about pricing strategies.
• What are key methods used in market research?

  Surveys, interviews, focus groups
• Primary research uses data collected directly from the market
• What are examples of primary research methods?

  Surveys, interviews, focus groups
• Primary research is less expensive than secondary research.

  False
• Match the quantitative research technique with its purpose:

  Surveys ↔️ Gather opinions and behaviors

  Experiments ↔️ Determine cause-and-effect
• Experiments in quantitative research are highly controlled
• What is a common technique used to interpret quantitative data?

  Statistical analysis
• Interviews in qualitative research provide in-depth insights but are time-consuming.
• A luxury car brand might use interviews to understand the lifestyles of their target buyers
• What is the purpose of data preparation in market research?

  Turn raw data into insights
• An e-commerce company optimizing its website based on regression analysis findings aligns with market research goals.
• What is a key ethical area in market research?

  Informed consent
• Protecting personal information and ensuring anonymity aligns with data privacy
• Steps in meeting customer needs through market research

  1️⃣ Gathering data

  2️⃣ Analyzing data

  3️⃣ Understanding customer preferences

  4️⃣ Tailoring products and services

  5️⃣ Improving customer satisfaction
• What is a benefit of market research in meeting customer needs?

  Informed decision-making
• Market research is always cost-effective and accurate.

  False