Market research (guest lecture)
6 important questions on Market research (guest lecture)
What are 4 types of typical business questions to address in marketing?
- New product development (what are the needs of the customers, what is the ideal product, which concepts should we introduce, at which price ect.)
- Communication barometer (how do campaigns perform, do customers see the ads, do ads trigger actions?)
- Brand image ( do customers know the brand, what is the position in the market, how are competitors doing?
- Customer relationship management (how satisfied are customers)
What are the 3 types of study that are part of the new product development?
- Needs study
- Concept testing
- Price elasticity
To measure price elasticity one could use the Gabor Granger model. What is this model?
Ask consumers whether they would sign up for the offer at different price levels.
The question is asked several times, starting with a random price point for the first evaluation. For the next evaluation, a price point is selected based on the respondent’s answer of the previous evaluation:
- If they would buy it a random higher price is selected
- If they would not buy it a random lower price is selected
The question is asked until the consumers provides two
consecutive opposing answers (would buy it/ would not buy)
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Within the communication barometer you want to know how campaigns are doing. What are the 4 steps in assessing campaigns?
- Reach: do they know the campaign? (what are the most efficient channels?
- Attribution: do they know it was yours? (compare with competitors)
- Message recall: do they remember the message? (un-aided: open questions vs aided: multiple choice)
- Evaluation (likability)
What is the difference between brand health and brand image?
Image is about attributes and personality
What is the most common way to research customer relationship management?
Promotors (9/10) - detractors (0-6) = NPS
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
