9. Discuss the steps to carry out market research.
Answer:
Here are the steps we usually undertake to carry out a market research:
i. Identify your research purpose. Define your objective for research. Why do you need to conduct the research? What information you need from this research.
ii. Define your target audience.
iii. Collect data from various sources.
iv. Conduct proper analysis of the data.
v. Prepare your report on the basis of your analysis.
vi. Communicate results.
10. What are the common mistakes you should avoid while preparing your survey questions?
Answer:
A research analyst knows what question to ask in the survey but a well written survey will enable the respondents to answer them correctly without getting confused.
Here are the types of question a researcher must avoid in his survey:
i. Avoid Leading question: A leading question includes non- neutral wordings. It takes the reader to one side of the argument. Example: Do you have a problem with your boss? It indicates the prospects of having some problem. Instead, you can ask: how is your relationship with your boss?
ii. Avoid loaded questions: Loaded questions contain an assumption within it. These questions force the respondents into an answer that does not reflect their opinion or situation. For e.g.: why is the sky blue? Is a loaded question. Instead, you can ask what is the color of the sky?
iii. Avoid Double Barreled question: This is a common mistake in every survey. Here the surveyor asks two questions in one. Example: Is this box interesting and useful? Instead you may ask, Is this box interesting? And is this box useful? In two separate questions.
iv. Ask clear questions: The language you are using in the survey should be clear, concise, and uncomplicated. If there are any difficult terms in the survey, explain them. Do not confuse the respondent. Example: What is the state of cleanliness of the kitchen? Instead, you may ask: How clean is your kitchen?
v. Avoid Negative questions: Questions with no, not, none.
vi. Avoid questions which do not affect a change: For example, do not ask if students will prefer an early morning batch if you are not planning to offer one.
11. Name some popular and widely used statistical data analysis methods for market analysis.
Answer:
The most popular market analysis tools are as follows:
i. SWOT Analysis: SWOT stands for Strength, Weakness, Opportunity, and Threats. It means your organization identifies the strengths and opportunities from the business point of view and eliminates weaknesses and threats.
ii. Gap Analysis: Gap analysis is done to measure the difference between actual performance and desired performance. If there is a difference between the two helps to understand what needs to be done to reach the desired position.
iii. MaxDiff Analysis: It is done to understand consumer preferences across product attributes such as products branding, feature, advertising etc. This analysis is simple to use and implement.
iv. Trend Analysis: It helps to identify and predict future trends in the data movement. Trend analysis works on the fundamentals of what has happened in past and gives an idea of what will happen in the coming time.
v. Conjoint Analysis: It is done to understand different features of a product or service from customer's point of view.
12. As a Market Research Analyst, what will you do to get more information from your team members out of the daily process of interaction?
Answer:
Everyday our staff does a lot of market research in the daily routine. A market research analyst should be able to identify what should be collected and here are a few ways through which it can be done in their daily process:
i. Let the staff know about this information gathering process and how it can help to improve business.
ii. Ask staff to keep a record of important information.
iii. Hold regular meetings just to exchange market research information. These meeting will help to identify new trends and the staff member will ensure to get something of use before coming to these meetings.
iv. The information gathered from the above meeting can help to decide what improvements can be made in business.
v. Assign staff members with certain market research areas. For example: If someone likes reading ask that member to maintain a book of competitor's newspapers articles and articles from industry journals.
vi. Allocate funds for market research in your budget.
13. What are the key responsibilities of a market research executive?
Answer:
The key responsibilities of a market research executive are:
i. Do proper Primary and secondary market research to identify new opportunities.
ii. Prepare questionnaires.
iii. Data collection through various websites.
iv. Prepare presentation to present the findings of the research to the client.
v. Identify market segments and estimate market demand.
vi. Negotiate contracts for research projects.
vii. Prepare and manage budgets.
viii. Manage and monitor the progress of data collection.
ix. Assist in conducting surveys and interviews.
14. What are the key skills required to be a successful market research analyst?
Answer:
Some of the most important skills required to be a market research analyst are as follows:
i. Attention to details and accuracy
ii. Good analytical ability.
iii. Excellent knowledge of statistics.
iv. Physical strength and ability to work under pressure.
v. Strong IT skills
vi. Ability and flexibility to learn
vii. Good organizational skills.
viii. Excellent communication skills.
And above all, a lot of patience to finish what you have started.
While going for an interview, make sure that you have some examples ready to tell the interviewer that you do possess these skills and qualities.
