Get through market research vocabulary. Understand the jargon and get things done!
Benchmarking is a marking technique or a quality control. Benchmarking evaluates or verifies something by comparison with a standard or the competition. This will allow to identify key gaps in the market and potentials of growth. Again, benchmarking is a powerful tool for decision making and analyze what works best.
Bias in the research industry is a form of error that affects the results of a research study. The most frequent is the interviewer bias and the way of asking questions that can lead and influence respondents to specific answers. Other well known bias are sampling bias and/or access panel recruitment bias.
Big data refers to statistic exploitation of a large amount of data to realize forecast or predictive market analysis. It is a massive amount of data for companies to deal with. It's an opportunity for companies to become more agile. Today, we are talking about cloud computing and terabytes of data.
Blockchain is a revolutionary technology that stores data. It is supposed to be impossible to hack it. That makes it quite interesting and trendy. Recent popular cryptocurrencies have been created with blockchain technology and market research also started to use this promising technology (to protect personal data, to incentivize people with cryptocurrency...).
See also AI
A booster sample is an extra set of interviews focusing on a particular segment of the population (age group, gender, user of a certain brand, ect). Booster is an over-representation of a certain type of respondents, which is most of the time the case with simple random sampling - and very low in terms of numbers to be used as a base for reliable statistical analysis.
Also see: Research Sample, Representative Sample (random), Simple sample selection.
Brand Price Trade Off is a quantitative technique used in market research to measure the price elasticity of mass consumer goods. BPTO is an experimental study, in which respondents make a series of choices from a set of products in the same category (from competition, for instance). During the research project, the prices of the products are changed dynamically, depending on the respondent's choice - trading off the price against their valuation of the presented brands. Analysis of this experimental project allows for anticipating several scenarios and level of interested at different price levels. BTPO helps in decision making regarding pricing strategies.
See also: Price tests, Tests
A Research brief is a document given by the client with the problematic of the research along with its objectives. It gathers all the elements to start the research project. It is a very straight forward process. A research brief is the starting point for selecting research tools, methodology and reports. A usual research brief is cut in several parts: marketing background/context of the study, an outline of the problem faced by the client, the description of the subject of study, the presentation of main objectives, the definition of the sample target, a timetable and most importantly an available budget to carry out this project.
Business objectives gather the different goals of doing the market research project: brand awareness, consumer attitude, price sensitivity... To define clear business objectives upfront will help to design the study and choose the best methodology to answer those business questions. It is an important step before carrying out a market research project.
B to B or B2B (Business to Business) refers to a project targeting business entities, professional with a high level of management or expertise, existing customers, lost customers, new customers, companies as a main target profile. Competitive analysis is extremely important to build B2B strategies for the success of your company and see where you are at in comparison with your competitors.
Also see: Business-to-consumer (BtoC)
B to C or B2C survey (Business to Consumer) is a survey that aims to target general population consumers (different from B to B survey), most likely to use and purchase everyday products or services. B to C survey focuses on the product. B to C refers to a market, in which the company sells directly the product to a physical person. This type of survey is mainly targeting consumers through online surveys.
Also See: Business-to-Business (BtoB)
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