Market Research week 12

What is the formal definition of market research?

The systematic collection, analysis, and interpretation of data for business decisions.

Market research helps businesses move away from making 'guesses' and toward making decisions based on _____.

data

What is the primary goal of good market research regarding business operations?

To reduce business risk.

Which type of research focuses on 'Why' and 'How' to understand human behavior?

Qualitative research

Which type of research focuses on 'How many' and 'To what extent' to provide a bottom line?

Quantitative research

What is the first step in the 6-step successful marketing research process?

Identifying the problem and purpose of the research.

In the market research process, what immediately follows 'collecting data'?

Data processing and analysis.

What is the final step of the market research process?

Making decisions.

How does market research in Business-to-Business (B2B) markets differ from consumer markets regarding analysis?

It often requires more complex analysis, including international logistics and policy regulations.

Term: Desk Research

Definition: The systematic study of secondary sources or data that already exists.

In desk research, what category do published reports and government statistics fall under?

External sources

What are the two most critical people skills required for a qualitative researcher?

Empathy and active listening.

Approximately how much is spent on market research surveys globally every year?

$40 billion

Which country accounts for nearly 40% of all global market research spending?

The United States

The top six research firms globally account for what percentage of all surveys conducted?

50%

Which specific firm is identified as a leader among the dominant top six global research companies?

IPSOS

What are the three pillars of the market researcher's ethical code of conduct?

Honesty & Transparency, Respect & Consent, and Professional Responsibility.

In the market research industry, what is Phase 1 for a brand entering a new market?

Market Entry (assessing demand, competition, and cultural fit).

Phase 1: Market Entry research is primarily conducted using which methodology?

Desk research

Besides selling products, what is a primary use for social and political opinion research?

To understand and influence public opinion.

Which groups besides businesses utilize social and political opinion research?

Governments, NGOs, political parties, and journalists.

How are governments specifically shown to use public opinion research in the industry overview?

To assess the effectiveness of their policies.

What major technological factor is identified as reshaping the future of the market research industry?

Big Data (or digital revolution).

Why is multi-country research considered more complex than single-country studies?

It requires navigating cultural, logistical, and methodological differences at every stage.

In pricing research, what method involves a researcher pretending to be a customer to reveal competitors' sales tactics?

Mystery shopping

What is the core purpose of market segmentation research?

To improve profits and define a company's specific niche.

Concept: Pen Portrait

Definition: An imaginary typical example used to visualize and understand a market segment.

Under the ethical pillar of 'Respect & Consent', what must a researcher obtain from participants?

Informed consent

How can mystery shopping reveal information that competitors would never share directly?

It uncovers real prices, tactics, and the customer experience through firsthand observation.

Which professional association is specifically mentioned as having established a clear code of conduct for researchers?

The Market Research Society (MRS).

In the context of the market research industry, brands are considered to be _____.

assets

What determines the specific design of a market research plan?

The business question or problem being addressed.

How has the digital revolution changed the accessibility of multi-country research for businesses?

It allows research to be conducted quickly and affordably across many countries.

Market research helps define the marketing environment by analyzing PEST factors, which stands for political, economic, social, and _____ factors.

technological (or policy/regulations).

What is the primary skill required to transform various pieces of collected intelligence into a research report?

Combining them into one coherent story.

Why do specialist local research firms thrive despite the dominance of large global firms?

They serve their markets with deep cultural knowledge.

In the industry, what is the role of a 'Market Research Brief'?

To document the business situation, the specific problem, and what needs to be understood.

According to the industry trends, new digital techniques aim to make questionnaires more _____.

engaging and fun

Which type of market research is typically used to decide who NOT to market to?

Segmentation research

What distinguishes the decision-making process in business markets compared to consumer markets?

Decisions are made by business leaders rather than individuals or households.

Within the qualitative research skillset, being 'rigorous' means staying _____.

analytically sharp

What is the primary benefit of desk research for a business owner on a budget?

It provides insights without breaking the budget (cost-effectiveness).

In market research ethics, 'Professional Responsibility' involves reporting findings openly and using _____.

sound judgment (or integrity).

What is the most common format for delivering research reports to clients?

Oral presentations

In the 6 steps of research, what is the specific task of Step 2?

Creating the research plan.

In a market assessment, research answers 'How big is the market?' and 'Who are the _____?'

competitors

What does a 'brand' represent to a customer according to the lecture on positioning?

A promise.

What is the 'bottom line' of quantitative research often referred to as?

Measurement

What are internal sources of data for desk research?

Data that already exists within the company, such as sales or marketing data.

Successful market research is described as being systematic, nuanced, and grounded in _____.

evidence