Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Product planning > L8, Data collection 1 - quantitative > Flashcards

L8, Data collection 1 - quantitative Flashcards

1
Q

Explain the differences between exploratory and confirmatory research in the early phases of the product development

A

?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Explain what is meant by primary research and exemplify the information sources that can be used

A

?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Relate different types of research methods/tools to different market research purposes

A

?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Plan and execute a study eliciting customer needs and requirements including purposeful choice between different methods and tools for eliciting, analyzing, communicating and documenting customer needs and requirements

A

?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Describe the principles of and apply the analysis tools for analyzing qualitative and quantitative data respectively

A

?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Why should we do a quantitative market research?

A

Because we don’t know:

  1. what customer actually need
  2. what’s on their mind or how their situation is changing
  3. what they are unhappy about
  4. what is driving happyness
  5. How many customers of different types there are out there?
  6. How customers select a vendor, search for information, decide where to shop
  7. What drives the choice of one product over another
  8. How much they are willing to pay
  9. How many buy at this price
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Give examples of quantitative research!

A 
1. Asking
—> surveys
2. Observing
—> big data
3. Arrange stimuli
—> experiments
—> choice modeling
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a survey?

A
  1. Survey research entails the collection of data on a number of units
  2. Usually at a single juncture in time, with a view to collect systematically a body of quantifiable data in respect of a number of variables

THEN examined to discern patterns of association

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Central features of a survey

A
  1. the use if a FIXED set of questions directed to a large set of respondents
  2. The collection of a small amount of data in standardized and quantified form from a relatively large number of individuals
  3. The selection of representative samples of individuals from known populations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Describe the survey research process

A
  1. planning
  2. Questionnaire design
  3. Decide on sample size and source
  4. Pretest survey
  5. administer survey
  6. Survey data analysis
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What should be done during the survey planning?

A
  1. state purpose of the study
  2. Identify kinds of information of interest
  3. Identify population to be surveyed
  4. Indicate sample size and source
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Give examples of purpose of survey!

A
  1. Understand how satisfied our customers are
  2. Determine sizes of market segments
  3. Understand product usage and ownership
  4. estimate purchase intention during next year
  5. Evaluate and compare brand image and perception
  6. Tracking changes in customer demographics and product usage over time
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What information should be interesting and should be include in the survey (examples)

A
  1. user demographics
  2. usage patterns
  3. enchanted problems
  4. ability to pay
  5. knowledge of own and competitor brand
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How do you identify population to be surveyed?

A

SAMPLING

A good sample is essential for the generalizability of the results, but it is very hard to get

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a sampling population?

A

The total set of people that are related to a particular investgation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is a sample?

A

A selection from the population

17
Q

What is a sample frame?

A 
The source from which the selection is made
—> the payroll of a company
—> the phone directory
—> the national census
—> the car brand club members
18
Q

what different sample types are there?

A
  1. Probability samples
  2. Non- probability samples
  3. Census
19
Q

What is a probability sample?

A

The probability for selection of each individual is known

Statistical methods assume probability samples

— simple random sampling
— systematic sampling
— stratified random sampling
— cluster sampling
— multistage sampling

— large number of respondents (+100)

20
Q

what is a non-probability sample?

A

The researches uses the judgement to select respondents suitable for the purpose

— quota samling
— dimensional sampling
— convenience sampling
— purposive sampling
— snowball sampling
21
Q

What is a census sample?

A

The whole population is surveyed

Financially viable when the population is very small

22
Q

Describe the process of questionnaire design!

A
  1. Generate list of potential topics and kind of information to be collected
  2. Construct a first draft
    —> including actual questions and answer categories
    —> re-use own questions or from existing questionnaires
  3. Put it aside for a few days, then revise
  4. Circulate for the comments and critique
  5. produce another draft
  6. circulate comments
  7. produce final draft
  8. pre-test
  9. produce final version
23
Q

Advice for questionnaire in general

A
  1. maximize the reward and minimize the costs for responding
  2. shorter is better
  3. cluster contents and seek natural flow
  4. place demographics and classification data last
  5. starting with relevant & interesting questions
  6. professional appearance
24
Q

Advice for question phrasing in the questionnaire

A
  1. keep it simple
  2. be specific
  3. ask mostly closed-ended questions
  4. always ask some open-ended questions
  5. mnimize demands on memory
  6. match questions to how the market works
  7. avoid loaded questions
25
Q

Advice regarding answer categories in questionnaires?

A
  1. use the right number of answer of answer categories
    —> yes-no is sometimes enough

2.distinguish between bipolar and unipolar responses
—> BIPOLAR: qualitative answer categories
—> UNIPOLAR: quantitative from 0-100% e.g.

  1. attend to the interaction of the answer categories
  2. Beware of including don’t know and not applicable
  3. prefer ratings over rankings
26
Q

What different types of question are there?

A
  1. categorization
    B2C: age, gender, income, education, current brand
    B2B: employees, turnover, role in company
  2. Descriptive questions
    —> How often do you use our product
    —>what is the frequency of product X
  3. Rating scales
    —> how satisfied are you with our product’s performance
27
Q

Create a small questioner to understand customer needs of a industrial forklift!

A

DEMOGRAPHICS:
1. what is the turnover of your company
< 10 MEUR, 10-100 MEUR, >100 MEUR>

  1. How many employees do you have?
    < 100, 100-500, 500-500, >5000>

DESCRIPTIVE:
3. What is the average daily driving distance?

  1. Maximum shelf height

5 current brand

RATING:
The ergonomics of forklifts is not affecting pain in the body
< strongly disagree, disagree, agree, strongly agree>
It doesn’t matter if we have different types of brands of the fork lifter
—-

28
Q

How do you decide on sample size and source?

A
  1. what levels of confidence and precision do you want from your study
  2. how many respondents are needed to reach desired levels of confidence and precision?
  3. Given number of responses, what can be claimed about confidence level and precision?
29
Q

Formula for computing sample size N?

A

N=Z^2*variance/ precision^2

Z= confidence level= how likely would be to get the same difference by chance alone if there really is no difference in the population between categories represented by your group

Variance
= the variance in the population of the quantity to be estimated
= the average of the squared deviations of individual scores from the mean

Precision= the decision maker’s tolerable margin of error (compare with confidence interval)

30
Q

Name some tools for surveys!

A
  1. SurveyMonkey
  2. SurveyGizmo
  3. SAS
  4. SPSS
  5. Mentimeter
31
Q

Name some different Administer surveys

A
  1. postal surveys
  2. telephone interviews
  3. video conference interviews
  4. Face-to-face interviews
  5. Web-based survey
32
Q

Give example of survey data analysis

A
  1. Create a data set e.g. in an excel worksheet or in a dedicated statistical analysis software
  2. clean up the data set
  3. Analyze basic metrics and basic diagrams
  4. Analyze relationships between two variables
  5. Analyze relationships between three or more variables
33
Q

Name some few basic diagrams

A
  1. pie chart
  2. histogram
  3. tables
  4. box plot
  5. cumulative plot
  6. regression, distribution
34
Q

Strengths and weaknesses of questionnaire-based surveys

A

STRENGTH
1. Precise numerical estimates of the frequency and magnitude of consumer responses
—> useful when precision matters a lot

  1. Objective
  2. reaches many people
  3. avoids personal prejudice and limitations
  4. allows to statistical methods
  5. identifies and illuminates differences between groups
  6. can be repeated over time

WEAKNESSES

  1. Tells you what but not why
  2. cannot tell you what you didn’t know that you didn’t know
  3. rely on self-report
  4. participation is unrewarding
  5. surveys are only as good as the questions and the sample
  6. sometimes decision-making is done by groups
35
Q

Conclusions with regards to surveys?

A
  1. easy and cheap to create and distribute
  2. analysis of survey data:
    —> identifies important numbers
    —> enables analysis of related aspects
    —> enables evolution of quantities over time
  3. Surveys are an important tool for:
    —> product planners
    —> guiding improvement of existing products
    —> less applicable on completely new products
  4. Statistical significance of findings requires
    —> good questionnaire design
    —> large number of properly sampled responses
  5. Surveys are mainly used for confirmatory research
    —> could to some extent be used e.g. through inclusion of open-ended questions

Product planning (22 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions