Fundamentals Of Market Research Interview Questions

Primary research involves collecting original data directly from respondents, providing specific and current insights. Secondary research leverages existing data sources like reports or studies for broader context. Both methods complement each other in providing a comprehensive basis for informed decision-making.

Designing a market research plan involves defining the research objectives, identifying the target audience, selecting appropriate research methods (qualitative or quantitative), creating data collection tools, determining the timeline and budget, and analyzing the data to derive actionable insights.

Sample size is determined by factors such as the population size, margin of error, confidence level, and expected variability in responses. Statistical formulas or online calculators are used to ensure the sample size is representative of the target population.

Segmentation divides the market into distinct groups based on shared characteristics like demographics, behaviors, or preferences. It helps tailor marketing strategies, identify target audiences, and optimize resource allocation for better outcomes.

Qualitative market research focuses on understanding underlying motivations, opinions, and behaviors through methods like interviews and focus groups. Quantitative research uses numerical data from surveys or experiments to measure trends, preferences, and statistical relationships.