Market Research Overview

Flashcards covering key concepts and terms related to market research.

Market Research

The systematic gathering and interpretation of information about individuals or organizations using statistical methods to support decision making.

Descriptive Analytics

A stage of marketing analytics focused on understanding past business performance through data aggregation and mining.

Predictive Analytics

An advanced approach in marketing analytics that forecasts future outcomes based on historical data and statistical models.

Prescriptive Analytics

An analytics stage that not only predicts future scenarios but also recommends actions for optimal decision-making.

Qualitative Research

Research aimed at understanding underlying motivations and perceptions, often involving focus groups or interviews.

Quantitative Research

Research focused on quantifying problems by collecting numerical data that can be transformed into usable statistics.

Sampling Bias

A type of bias that occurs when a sample is not representative of the population as a whole.

Hypothesis

An unproven statement or proposition about a phenomenon that is tested in research.

Problem-Identification Research

Research conducted to identify problems that are not immediately apparent.

Problem-Solving Research

Research aimed at solving specific marketing problems.

Market Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

Consumer Insights

Understanding consumer behaviors and preferences based on data analysis to inform marketing strategies.