Market Research Concepts and Insights

What is the primary focus of market research?

• To understand consumer needs and preferences

• To eliminate competition

• To increase product prices

• To create new markets

Which of the following is NOT a method used in market research?

• Focus groups

• Mystery shopping

• In-depth interviews

• Random guessing

What is a common misconception about market research?

• It involves focus groups

• It uses data to make business decisions

• It helps understand consumer pain points

• It can predict the future

What is a significant challenge in market research as mentioned in the episode?

• Creating new research methods

• Finding enough participants

• Staying focused on relevant data

• Analyzing data quickly

What unique product does Chapul focus on?

• Energy drinks

• Protein shakes

• Vegan snacks

• Cricket-based energy bars

What was a key finding from Chapul's market research?

• Most customers bought the product for its taste

• Customers were primarily interested in the environmental benefits

• The product was not well-received by any demographic

• The product was too expensive for most consumers

What is the main reason Chapul decided to use crickets in their products?

• Crickets are cheaper than other ingredients

• Crickets require less water to produce

• Crickets are a traditional food in the West

• Crickets are a popular snack worldwide

What is a critical aspect of designing good research according to Kimberly Anderson?

• Ignoring participant welfare

• Making it as complex as possible

• Ensuring transparency and documentation

• Focusing only on quantitative data

What is one of the main takeaways from the episode regarding market research?

• Market research is too expensive for small businesses

• Market research is only useful for large companies

• Understanding why someone buys a product is crucial

• Focus groups are the only reliable method

What was the reaction of kids when they learned about the secret ingredient in Chapul bars?

• They were excited

• They were disappointed

• They were indifferent

• They were surprised