What is Market Research? The Five Types, and a Basic How to...

The video tutorial explains market research, highlighting its importance in understanding customer perceptions and competitors. It distinguishes between primary and secondary research, detailing five primary research methods: opinion polls, personal interviews, focus groups, customer observation, and field trials. The tutorial concludes with a five-step process for creating a market research project, emphasizing defining objectives, designing the project, collecting and analyzing data, and reporting findings.

What is the primary goal of market research?

• To increase product prices

• To understand customer and competitor insights

• To reduce marketing costs

• To create new products

Which type of market research involves gathering existing reports and data?

• Primary market research

• Customer observation

• Secondary market research

• Field trials

What is a key advantage of conducting online surveys?

• They are always accurate

• They are cost-effective and widely used

• They require no planning

• They guarantee customer satisfaction

What is a potential downside of personal interviews?

• They provide no insights

• They are inexpensive

• They require little time

• They can be biased if not representative

What is a major risk when conducting focus groups?

• They are too cheap

• They require no moderator

• They can introduce biases like groupthink

• They always lead to accurate conclusions

What is the first step in creating a market research project?

• Reporting findings

• Designing the research

• Collecting data

• Defining issues and problems

Why is it important to report research findings effectively?

• To confuse the audience

• To increase the length of the report

• To ensure the information is useful to stakeholders

• To hide the data from competitors