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Knowledge Bank - A to Z of Market Research

Accessible Population

Accessible population is any population demographic that can easily be recruited for face to face interviews and surveys. Accessible population is usually drawn from the urban population.

Ad hoc Report

Ad hoc Report is a report that is particularly designed to provide an answer for a specific problem and it is usually conducted when there is not enough sufficient information available.

Ad Tracking Report

Ad Tracking Report is a report that is used to present data regarding the evaluation of the effectiveness of an advertising campaign.

Acquisition

Acquisition is the act of taking over a company or corporation by purchasing stocks or through substantial exchanges. The company being acquired is called the "target company".

Advertisement Testing

Advertisement testing refers to methodologies that focus exclusively on advertisement effectiveness, perception and targeting on a given market. It is most frequently used at the design stage for selecting the most effective advertisement from a series of alternatives.

Advertising Research

Advertising Research is a type of research that is conducted in order to develop the efficiency of advertising and has a variety of research techniques. This type of research can focus on different issues concerning advertising such as its general terms and issues and how consumers perceive information from advertisements.

Aggregate

Aggregate refers to the complete amount or the total of all parts. It may also refer to the summary measure such as national income and price index numbers, which are derived by compounding two or more separate measures.

Analysis of Variance (ANOVA)

Analysis of Variance (ANOVA) is a statistical technique that allows values to be tested in order to analyze and determine whether there is a significant relationship that exists between the two or more existing variables. An ANOVA model is used in this technique and it functions by analyzing the quantity of dispersion that is experienced by each given variable to the total number of dispersion available with the given data.

Applied Research

Applied Research is a scientific study which aims to find answers and/or solutions to practical problems. Findings are used to develop technologies, products and services therefore creating business opportunities.

Area Sampling

Area sampling is a type of cluster sampling design targeting geographic areas or wherein the geographic areas are the clusters.

Assessment

Assessment is a process used to determine the net worth of an enterprise or individual and/or the total value of a property. This is then used to compute for the taxes and dues of the individual and/or enterprise.

At-Home Testing

At-Home Testing refers to a product that is used for testing and is given to participants so that they could test the product at home. After using the product, participants are required to share their comments or suggestions regarding the product through different means such as online surveys, personal and phone interviews, group sessions and mail surveys.

Awareness

In business, awareness is the term used to identify the first step in the process of understanding something new, may it be a product or service.

Back Room

Back Room is the place where research or the planning of something confidential is practiced or taking place.

Bench Mark

Bench Mark is a standard used as a point of comparison in measuring quality, value, performance and the like. This can be derived from existing set of standards, laws and regulations, norms etc.

Bias

Bias is an error that occurs in a statistical sampling when the result is arranged to accommodate the desired outcome among others.

Brainstorming

Brainstorming is a technique that is practiced in order to develop a new idea, solve a problem or formulate a new policy. This is where suggestions and recommendations are accepted, analyzed or combined so as to generate a more efficient idea or thought.

Brand Equity

Brand Equity is the financial value, level of awareness or consumer goodwill accrued to a product because of its association with its brand name as opposed to its value without the brand name. Its study has experienced a surge in popularity as some marketing researchers reckon that one of the most valuable assets a company has is its brand.

Brand Image

Brand Image is the identity or quality given by the consumers or industry observers for a specific good or service provided by the manufacturers' sector. More often than not, the factors that contribute to one's perception of a product or service are human attitude and/or lifestyle and desires, price, quality, and usage of the said brand.

Brand Personality

Brand Personality is working on the premise of attributing human personalities on brands; it seeks to describe brands using human characteristics using similar measures of personality attributes and factors. In the same way that people relate to each other, brand personality is used to increase brand engagement and brand attachment.

Brand Recall

Brand Recall is the range in which the messages reflected by advertisements regarding a certain brand are remembered by consumers.

Business Intelligence

Business Intelligence is a field of study that aims to fully comprehend business in general: its problems, recommendations and behavior. This involves a number of factors that must be considered upon making good and relevant decisions. Such factors are the following: customers, internal operations, competitors, business partners and the economic environment.

Business to Business (B2B)

Business to Business (B2B) is a term that refers to the interchange of goods, services and information between two businesses.

Business to Consumer (B2C)

Business to Consumer (B2C) is a term that refers to the interchange of goods, services and information from a business directly to a consumer.

Computer Assisted Personal Interviewing (CAPI)

Computer Assisted Personal Interviewing (CAPI) is an interview method wherein the interviewers directly input data from interviewees through the use of portable computers.

Computer Assisted Telephone Interviewing (CATI)

Computer Assisted Telephone Interviewing (CATI) is a survey that is interviewer-administered over the phone based on a computer generated survey. CATI is used to increase the accuracy, speed, reliability and validity of telephone interviews using software based systems.

Computer-Aided Web Interviewing (CAWI)

Computer-Aided Web Interviewing (CAWI) is a survey that is conducted online where the interviewees can answer questionnaires using the Internet and is used in general for quantitative surveys.

Computer Aided Self-Interview (CASI)

Computer Aided Self-Interview (CASI) is an interview method wherein the interviewee communicates directly with a computer instead of the interviewer.

Census

Census is a survey that gathers data from all available units or members of a population being studied.

Chi-Square Test

Chi-Square Test is a statistical method that is used to determine whether variables are either independent or homogeneous. There are tests conducted for independence and homogeneity, both having the same formula but with different logic and sampling procedures. The chi-square test for independence analyzes whether determining the value of a variable would help in estimating the value of another variable. On the other hand, the chi-square test for homogeneity analyzes whether two populations have the same relative amount of observations with similar components.

Client

The client is any individual or organization that purchases the service, commissions or subscribes to any or all parts of a market research project. Clients may be an advertising agency, a newspaper, a full-service research company or another data collection agency.

Closed-Ended Question

Closed-Ended Question are questions that provide a set of answers such as a simple piece of information, "yes" or "no" or through multiple choices.

Cluster Analysis

Cluster Analysis is a statistical technique that arranges research data to help determine through quantitative comparisons of multiple characteristics to which different groups of individuals of a population belong to. The difference of the contents of each group or "cluster" should be less than the differences between clusters. Cluster Analysis is often used for consumer segmentation and brand marketing research.

Conjoint Association

Conjoint Association is a research technique that seeks to determine how consumers decide by assuming that their decisions are influenced by different factors that are considered to be jointly. This technique demands its subjects to choose a number of specific attributes from a particular selection therefore giving an indication of what is important to them based on the attributes that they have chosen.

Competition

Competition, in business, it is the term used when two or more companies are seeking or taking steps in obtaining what each other is gaining. Often coined as rivalry, it is the act of striving to be the best service provider or product manufacturer in a given industry.

Competitor

Competitors are companies that offer the same services or product in the same market place as another.

Compound Annual Growth Rate (CAGR)

Compound Annual Growth Rate (CAGR) refers to the single rate of growth of a certain value for several years. The growth rate is based from the growth of particular accounts from the base period up to the ending period.

Confidence Level

Expressed a percentage, confidence level, it is a measure of statistical result reliability that indicates the probability of result accuracy.

Consulting

Consulting is a service that provides clients with advice, recommendations and assistance in order to boost their existing businesses while making use of their resources.

Consumer Behavior

Consumer Behavior is a study of consumer buying trends and habits in the usage and purchasing of goods and services. It attempts to understand people's wants by studying the characteristics such as demographics and behavioral variables of individual consumers.

Contractor

Contractor is an individual who is committed to a profession that offers their expert services to the public. A contractor also agrees into doing a specific task and has their own ways and means of implementing the work assigned to them.

Control Group

A control group is a group of people in an organization which are responsible for the implementation of regulations and other business and corporate related decisions.

Correlation

Correlation refers to the cause or effect relationship between two random variables. These variables are determined as positively correlated when the high values of one variable is presumably related to the high values of the other variable. The variables are on the other hand are negatively correlated when the high values of one variable is presumably related to the low values of the other variable.

Co variation

Co variation, in statistics, this term is short for correlated variation which is in regards with the accumulation and analysis of the available quantitative data and also makes use of the theory of probability in order to measure certain population parameters.

Custom Marketing Research

Custom Marketing Research is a type of research that is designed specifically to meet and answer the precise the requirements of a specific client.

Customer

Customer pertains to the buyer and user of a product or a service in order to meet their basic necessities and wants.

Customer Satisfaction Research

Customer Satisfaction Research is a marketing research study used by the companies to determine the level of satisfaction of their customers in buying the products or services. This research aims to maintain the customers for a long period of time.

Customer Profile

Customer Profile is customer description used to help marketers identify their customers and prospects characteristics. Customers who represent profitable and sustainable opportunities are targeted using detailed analysis of demographic, geographic and psychological characteristics. Lifestyle behaviors, purchase preferences and creditworthiness are also analyzed to pick-out sustainable opportunities.

Data

In market research, data are research facts gathered through qualitative or quantitative attributes of a set of observations.

Data Collection

Data Collection is the process of collecting or gathering market research data from the interview or survey to draw conclusion and provide information.

Data Analysis

Data Analysis is a process of systematically gathering, transforming data and sorting observations in order to identify useful information, identify patterns and suggest conclusions.

Data Processing

Data Processing is usually associated with computer tabulations; data processing is the organization of data or raw information into a database format for the purpose of producing the desired information such as the results of the market research finding. This may involve classifying, summarizing, recording, calculating, sorting and storing data.

Data Entry

Data Entry is the act of recording, classifying, sorting, summarizing, calculating, disseminating and storing of data or simply the act of transcribing and inputting the data in a database or computer.

Database

A database is a centrally-held collection of logically related data which consolidates records to allow access and manipulation of data for many applications. Meant for easy access, management and updating of the collected information, databases may be arranged according to content type such as: Bibliographic, Numeric and Full-Text.

Demographics

Demographics refer to the portion in the population considered as customers of a company or industry.

Dependent Variable

Dependent Variable, also known as Effect variable, it is that variable whose value changes as it is influenced by the changes on the independent variable.

Desk Research

Desk Research is research which uses secondary data or information already available in print or in the internet for a particular marketing research problem.

Direct Question

Direct Question is a question used in the market research which focuses on the behavior of the respondent himself.

Discussion Guide

Discussion Guide is an outline of subjects, also known as topic guide or moderator guide, used by the moderator to be sure that all topics are covered during group discussion.

Eligibility

Eligibility specifies characteristics that potential client/participants must have to be invited to participate in a particular research project.

Econometrics

Econometrics is the study of economic theory and statistics using statistical models wherein qualitative data is changed into quantitative mathematical forms.

Executive Summary

Executive Summary a summary report that includes basis for why the research was performed, what was found and where they will take the company as well as what actions the management should make to best complement the research findings.

Empirical Research

Empirical Research is a type of research that tests the reality since it answers a specific question or tests a hypothesis.

Evaluative Research

Evaluative Research is a research process that seeks to identify certain program or activities' efficiency and effectiveness in meeting the objectives set for it. It is used to create objective assessments, operation of existing programs and monitor the implementation of new programs.

Executive Interviews

Executive Interviews is often used where majority of subject information or knowledge is held by a small number of people, these interviews involve talking with people or experts in companies of all sizes.

Executive Interviewer

An executive interviewer is a person who conducts interview with business people to maintain to maintain a long-term relationship with research partners.

Exploratory Research

The initial investigation of a problem to clarify its exact nature or develop a hypothesis. It is used to provide insights into the situation in hand to help determine the best research design, selection of subject and method of data collection. Techniques used includes formal approaches like in-depth interviews, projective methods, case studies and focus groups and Qualitative Approaches such as informal discussions with employees, competitors and consumers.

Extraneous Variables

Extraneous Variables are External Variables or Confounding Variables which may affect the dependent variable in the study.

Factor

Factor is an independent variable from a linear combination of variables wherein results may vary depending on the researcher's way of processing the research.

Face-to-Face Interview

Face-to-Face Interview is an independent variable from a linear combination of variables wherein results may vary depending on the researcher's way of processing the research.

Factor Analysis

Factor Analysis is a form of multivariate search performed by researchers that identifies a small number of factors that explain the correlation and interrelations among a set of variables or objects.

False Accuracy

False Accuracy is a misleading statistic that occurs when a collection of data has a low degree of accuracy but gives the impression of being accurate. This normally happens because of a missing detail such as what happens when decimals are rounded.

Feasibility

Feasibility is a study conducted for a project or another study's assessment in terms of its viability or possibility of completion.

Field Experiments

Field Experiment is research or experiment conducted outside of the laboratory, in the actual or natural setting. This is done to ensure that the external validity is higher than the internal validity.

Final Report

Final Report is a complete compilation of research to be passed to the client to help its company find ways to success. This research includes the methodologies, key findings, interpretations and recommendation.

Findings

Finding is the term used for the conclusions, results and/or output of a conducted evaluation or study.

Focus Group Discussion

Focus Group Discussion is a market research strategy in which theories of social psychology and communication were applied and rarer incorporated into social sciences research methods. Allows people/companies wishing to develop, package, name, or test market a new product, to test the new product before it is being available in the market.

Forecast

Forecasts are estimates of future trends or events.

Frequency

Frequency measures how often a specific condition exists sometimes within a given time frame. It may also refer to the number count of results that fall in different categories and usually recorded daily, weekly or monthly.

Geographical Segmentation

Geographical Segmentation is market classification based on geographic units like regions, cities and countries.

Global

Global pertains to the totality of a number of items or categories.

Gross Income

It is the amount of a company’s earnings incurred in a specific period wherein payroll deductions such as taxes, insurance and expenses are not yet accounted for.

Growth Rate

Growth rate usually measured as a percentage is a record of the growth rate of a changing population size determined by dividing the increase or decrease in a population by the average population during the set period of time.

Hedonic Scale

Hedonic scale is a scale used to measure the extent of respondents' overall views, overall liking or disliking and opinions of a service or a product.

Honorarium

Honorarium is a fee paid by an organization to a professional to perform a service.

Hypothesis

Hypothesis is a presupposition that attempts to explain a set of facts in a unified way.

Hypothesis Testing

Hypothesis Testing is a method of analyzing the implications of assumptions based on data gathered from a sample to determine workable solutions. Solutions derived from this method can help companies focus on important decisions for the company.

In-Depth Interview

In-Depth Interview is used primarily in qualitative research, this involves an unstructured personal interview rather than in a group discussion scenario. Usually conducted by highly-skilled interviewer to understand the beliefs, feelings and underlying motivations of the respondent and normally lasts between 30 to 60 minutes.

Industry

In broad terms, an industry refers to the manufacturing of certain goods and services on a given category. In market research, target industries are normally determined during the planning stage to focus data gathering and analysis.

Indirect Approach

Indirect Approach is a preferred approach when information to be gathered is sensitive. Indirect approach employs asking questions to sources that are not the actual target of the study, or employing questions that do not deal directly with the topic being studied but are tangential to the topic.

Interview

Interview is a formal consultation for the purpose of evaluating the qualifications of a person or group of people.

Interviewer

Interviewer is a person who conducts an interview to another for the purpose of getting his/her opinions or obtaining information for publication.

Jump-start (Ramp-up)

Jump-start (Ramp-up) describes an increase in firm production ahead of anticipated increases in product demand. It is also define as the period between product development and maximum capacity utilization, characterized by product and process experimentation and improvement.

Key Driver Analysis

Key Driver Analysis is a kind of analysis which aims to determine the most important factors in relationships and is usually used to evaluate customer loyalty and satisfaction in business aspects.

Key Market

In market research, key market is the target or subject of the study being conducted. It could also mean a pivotal market for a certain product, company or industry.

Key word

Key words or Key phrases are words or phrases that describe or constitute the main idea of a paragraph, article or a specific subject. In a market and/or business database, key words are used to narrow down or filter ones searches to be able to obtain the needed and/or central information.

Key Opinion Leaders

Key opinion leaders are thought leaders for a particular industry or country whose ideas and expertise could shed light to the evolution of trends in the target industry or country.

Leg (Phase)

In research, a leg or phase is equivalent to a particular stage of the research process.

Linear Regression Analysis

In business statistics, linear regression analysis is the strategy employed to create a connection between a dependent variable like company sales and one or more independent variables such GPDs per capita income as well as other financial concepts. Furthermore, it also attempts to gauge the relationship of dependent variables with the independent ones thus, projecting the latter's value.

Localized

Localized means restricted in a particular place or area.

Logic Test

Logic Tests are simple tests run against data to make sure that it makes sense. In market research, this is important to determine the test validity and soundness.

Market

For market research, market, pertains to a cluster comprised of consumers and/or potential customers who are authorized by law, monetarily capable and most importantly, interested in a specific product and service provided by a company and/or industry.

Market Share/Segmentation

Market Share is the portion in the total sales value in a market which is dominated or influenced by a product or an industry.

Market Environments

Market Environment is the term used to refer to different external factors which may be considered capable in influencing an organization's or group's decisions and activities. Examples of which can be the political, religious or environmental make ups of a society.

Market Segmentation

A marketing term, market segmentation, refers to the process of dividing a total market into sub groups of consumers who are similar in one way.

Market Size

Market size refers to the entire number of customers as well as the potential customers in a specific market. Such may be considered essential when a company wishes to launch a new manufacture and service as well.

Market trend

Market trend is the general fluctuation in an investment market wherein new technologies, demand and/or consumption drivers for a certain industry or business segment as well as new discoveries and developments.

Moderator

Moderator is a person who facilitates a focus group (or group discussion). Also means someone entrusted by the administrator to help in the discussion stay productive.

Methodology

Methodology is a specific method followed to conduct a marketing research project.

Monitored Company

A monitored company is an identified company whose activities are being tracked by a tracking or business research study.

Mystery Customer Technique

Mystery Customer Technique is an observational methodology aimed to collect data on customer experience by having a field researcher posing as a customer without the knowledge of the customer service staff. Normally carried out by specialist agencies, they are commonly commissioned by service industries such as hotels, airlines and fast food franchises.

Mystery Shopper Technique

Mystery Shopper Technique is a strategy wherein an individual may disguise as a curious customer or client to be able to get needed information. Hence, a mystery shopper may actually observe the staff's behavior or even its company protocols and nature of business.

Niche

Niche is a part in the market which may be considered as targetable.

Niche Marketing

Niche Marketing is a marketing strategy wherein marketers devote their full efforts toward a small segment of a market instead of the whole scale.

Non-sampling Error

Non-sampling errors are errors or inaccuracies in a study caused by factors not including sampling errors. It usually refers to any cause of inaccuracy or bias such as selection bias, sampling frame error, non-response error or population misspecification error.

Normal Distribution

Normal Distribution is a very important class of statistical distributions, also called Gaussian distribution, where the mean, the median and the mode all have the same value.

Null Hypothesis

Null hypothesis is initial assumption usually in a statement expressed in a negative way (null way) that if disproved with a significance test will be rejected and an alternative hypothesis accepted.

Objectives

Objective is one of the backbones of accomplishing a study, assessment or research works. It is the purpose or standard, which may be sub-divided into specific goals, of the study conducted accomplished within the projected timeframe using the resources at hand.

Observational Research

Observational Research is a data gathering method wherein researchers are required to have direct connections with people or companies to collect the information needed for the study. It is often referred to as field research.

One-on-One

One-on-One is a research method wherein a moderator personally interviews a single respondent in a qualitative method.

Open-Ended Question

Open-Ended Questions are questions asked by researchers that allow the respondents to give meaningful answers using their own words. These are usually used in qualitative research.

Ordinal Scale

Ordinal Scale is a measurement scale where numbers represent values to objects with relative amount.

Parameter

Parameter is a defined part or group in the population that should be considered to gain the data needed for a study.

Pilot Testing

Pilot Testing is a preliminary test questionnaire statistically designed for a small group of respondents in preparation for the accuracy and effici

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