1. What is the essence of conducting a market research?

In most cases, we find ourselves relying on our intuitions or common sense to make business decisions. However, for businesses that depend on large financial resources with a high likelihood of failure project failure, then market research would come in handy. Market research is basically conducted to reduce risks.

2. What type of information can I obtain from a market research?

We all operate in diverse sectors. Whether your business operates in chemicals, metals, healthcare, education, food & drink, energy & utilities, retail & consumer, sports, telecommunication, marketing, media & advertising, and others, the type of information depends on the problem you want to solve.

The following table provides some of the information you might need for your market research

Need Nature of Information Applicable methods
Crisis management Feelings, ratings, attitudes Survey, focus group
Satisfaction Ratings Face-to-face/survey/internet/mail
A/B testing Preferences, attitudes Focus groups, surveys
Usability testing Attitudes, likelihood
Attitude/ use Attitude, awareness, frequency Focus group, surveys, face-to-face
M & E Ratings, attitudes Survey, face-to-face/internet/mail
Training Needs Needs, ratings, preferences Survey, face-to-face/internet/mail
Segmentation Needs, behavioural, psychographic, firmographic, demographic Cluster analysis, surveys

3. Is there a difference between quantitative and qualitative research?

4. Is there a better data collection method?

Method Advantages Disadvantages
Face-to-face Interviews Better explanations, high accuracy, better for product placement, depth Costly, organizational complex, time, control difficulty
Telephone Interviews Low cost, high speed  No visuals, no contact
Self-completion Interviews  Audience motivation, high response rate
Online Surveys Improved accuracy, saves , time

5. What is CATI?

The use of telephone to collect data through telephone interviews

6. What is in-depth interview?

It is unstructured interviews that allows interviewees the freedom of exploring additional information and changes in direction of interview. It is a qualitative data collection approach that allows collection of descriptive and rich data around information such as perceptions, attitudes, behaviours. You can adopt this as a standalone or integrate with other method.

7. What is a focus group?

Collection of data by interacting with group members. Members are carefully selected to participate in discussion of issues. Used to answer questions on how, what, and why to provide processes, attitude, and behaviour.

8. What is semi-structured survey

Collection of both quantitative and qualitative data. Useful in either industrial or B2B market research. Allows comparison of responses, flexible, ask follow up questions, allow respondents opportunity to expound on a topic.

9. What is appropriate response rate?

The proportion on respondents that get invitation to participate in a survey and accept to go ahead with the survey. Varies depending on market research.

10. How can I use attitudinal segmentation?

Grouping of customers based on attitude – feelings, thoughts. Helps design messages that suit the target market. Used when a client wants to create products, services, and communication to appeal to specific audience. Useful for segmentation of customers.