Market Research

Market research is one of the main factors used in maintaining competitiveness over competitors. We have list down some frequently asked questions and answers in Market Research to prepare for your next job interview.

Q.1 According to you why is it important to conduct market research?
This is clearly an open question with reference to the industry you are applying for and becomes a real opportunity to impress the interviewer so extend your answer. Sample Answer - One of the key reasons to conduct market research is because companies can better understand the market they operate in, such that important research ranges from quantitative research like the size of the market and how the market is broken down, to more qualitative research like how consumers perceive a product.
Q.2 How have you used market research methods in the past?
Ideally candidates are suggested to put forth example from their academic past. It is suggested to describe both quantitative and qualitative methods to demonstrate a wide range of skills set used in market research. You can cite examples from some work experience. Use a recent example and explain how you conducted research particularly effectively.
Q.3 Which methods do you used to communicate results of your research to a client?
We can write a report or give a presentation, to be sure to include the raw data so they can make their own analysis. You can also suggest different methods to present different data in different ways. Suppose you have collected a large data set then it will be a good idea to use diagrams to present the data where on the other hand if you have conducted an in-depth focus group then you will need to transcribe a report. Therefore you must show an awareness of effective methods of communication and presentation.
Q.4 According to you, what is the best way to obtain research?
Clearly market research is a very vast industry, and there are many ways to conduct the research. In general, the key distinction is between quantitative and numerical research versus qualitative research. Some market research roles will include a combination of both, whereas others will be largely quantitative or qualitative. Wee can also use the distinction of primary and secondary research. Such that primary research conducted to find answers to specific questions, and which may include surveys, questionnaires of focus groups. On the other hand secondary research however is research that has previously been conducted and may be publicly available information.
Q.5 What steps have you taken to improve your Market research knowledge from the last year?
The objective of the interviewer is to understand your interest and steps taken to enhance your skills. You may illustrate different types of modules that offer excellent illustrations to conducted real-time research. You may take up modules such as statistics or research methods would be excellent examples of quantitative research modules. You may cite examples of where you have had to conduct an interview or focus group would offer a great example of qualitative research. Questionnaire design is also a fantastic skill to have when looking for a job in market research. Also the experience with the statistical package SPSS is also highly desirable.
Q.6 What are the advantages of the personal medium?
1. The interviewer may persuade the person to supply answers.
2. Information on the situation may be observed, without asking.
3. Questioning methods and use of visual materials may be varied.
Q.7 When does an ARIMA model, is a pure autoregressive (“self-regressed”) model?
If the predictors consist only of lagged values of Y
Q.8 What does the Right to Safety as ethical right of client in marketing research, points to?
The respondents must be informed of all aspects of the research.
Q.9 What is Delphi method?
Delphi forecasting method is based on the experts’ opinions, with each expert has access to the same information that is available.
Q.10 What is Surrogate information error?
Surrogate information error occurs when the information sought by the researcher is different from the information needed to solve the problem.
Q.11 What are the advantages of the personal medium?
1. The interviewer may persuade the person to supply answers.
2. Information on the situation may be observed, without asking.
3. Questioning methods and use of visual materials may be varied.
Q.12 When does an ARIMA model, is a pure autoregressive (“self-regressed”) model?
If the predictors consist only of lagged values of Y
Q.13 What does the Right to Safety as ethical right of client in marketing research, points to?
The respondents must be informed of all aspects of the research.
Q.14 What is Delphi method?
Delphi forecasting method is based on the experts’ opinions, with each expert has access to the same information that is available.
Q.15 What is Surrogate information error?
Surrogate information error occurs when the information sought by the researcher is different from the information needed to solve the problem.
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