Conduct Market Research

These flashcards cover key concepts, definitions, and objectives related to the Conduct Market Research lecture notes.

What are the main learning outcomes of the market research module?

Conduct desk research, identify research methodology and objectives, recruit respondents, perform data and information collection, and improve research reports.

What is desk research?

Desk research involves gathering information and data from existing sources to support a specific research objective.

Define market research.

Market research is the process of gathering, analyzing, and interpreting information about a specific market or target audience.

List the main objectives of market research.

To identify consumer response, understand consumer needs, evaluate competition, make informed marketing decisions, and optimize product development.

What are the two main types of data in market research?

Primary data (collected directly) and Secondary data (existing data collected for other purposes).

What is the difference between qualitative and quantitative research methods?

Qualitative research focuses on understanding opinions and experiences, while quantitative research focuses on measuring and analyzing numerical data.

What is the purpose of a sampling plan?

A sampling plan outlines how to select representative participants for research to ensure valid results.

Explain the importance of ethical considerations in market research.

Ethical considerations ensure the rights, privacy, and well-being of participants are protected, promoting trust and compliance in the research process.

What is a research hypothesis?

A research hypothesis is a testable statement proposing a potential relationship or difference between variables in a study.

Define exploratory research design.

Exploratory research design is conducted when the problem has not been clearly defined, allowing the researcher to generate ideas and insights for further investigation.

What are the methods of data collection in market research?

Methods include surveys, interviews, observations, experiments, and secondary data analysis.

Why is data analysis important in market research?

Data analysis is critical for drawing meaningful conclusions, making informed decisions, and assessing the effectiveness of marketing strategies.

What is a focus group in research?

A focus group is a qualitative research method that involves guided discussions among a small group of participants to gather insights about a specific topic.

List some common types of sampling methods.

Common sampling methods include random sampling, stratified sampling, cluster sampling, convenience sampling, and snowball sampling.

What is the purpose of a market research report?

A market research report summarizes findings, provides analyses, and offers recommendations based on the research conducted.