Market Research Overview

A set of vocabulary flashcards highlighting key concepts related to market research, its methodologies, and advantages and disadvantages.

Market Research

The process of gathering, analyzing, and interpreting information about a market, including customers, competitors, and trends.

Customer Preferences

Identifying what customers want and need to shape products and services.

Evaluating Market Opportunities

Discovering underserved customer segments or new areas for growth.

Informed Decision Making

Using data-driven insights from market research to guide strategic choices.

Competitive Advantage

Understanding customer needs and market trends to stay ahead of competitors.

Resource Optimization

Allocating resources more effectively by identifying what works and what doesn't.

Primary Market Research

Collecting new data directly from sources to address specific questions or objectives.

Surveys

One of the most popular tools for collecting data, involving questions asked to a sample of people.

Closed Questions

Yes/No or multiple choice questions providing quantitative data.

Open Questions

Questions that allow respondents to express their thoughts freely, yielding qualitative insights.

Interviews

Direct conversations to explore detailed opinions, allowing for in-depth understanding.

Focus Group

A moderated discussion with a small group designed to explore diverse perspectives.

Observation

Watching and recording behaviors in a natural setting without direct interaction.

Qualitative Research

A method to understand human behavior and motivations through non-numerical data.

Quantitative Research

Focusing on collecting and analyzing numerical data to identify patterns and trends.

Sampling

The process of selecting individuals from a larger population to gather data.

Quota Sampling

Selecting participants based on specific traits ensuring sample representation.

Random Sampling

Selecting participants entirely by chance, giving every individual an equal chance to be chosen.

Convenience Sampling

Selecting participants who are easiest to access, such as nearby individuals.