Market research: Difference between revisions

"Rigorous sampling methodologies combined with high-quality data collection" is what the magazine ''[[Ad Age|Advertising Age]]'' considers the backbone of market research.<ref>{{cite book|title=The Advertising Age Encyclopedia of Advertising|author1=John McDonough |author2=Karen Egolf |year=2015}}</ref> Data collection can be done by observing customer behavior through in-situ studies or by processing e.g. log files, by interviewing customers, potential customers, stakeholders, or a sample of the general population. The data can be quantitative in nature (counting sales, clicks, eye-tracking) or qualitative (surveys, questionnaires, interviews, feedback). Aggregating, visualizing, and turning data into actionable insights is one of the major challenges of market research and today, [[text analytics]] affords market researches methods to process large amounts of qualitative information and turn it into quantitative data, which is easier to visualize and use for formalized decision making.<ref name="openanswers">{{cite book |last1=Espinoza |first1=Fredrik |last2=Hamfors |first2=Ola |last3=Karlgren |first3=Jussi |last4=Olsson |first4=Fredrik |last5=Hamberg |first5=Lars |last6=Sahlgren |first6=Magnus |title=Proceedings of the 2018 Conference on Human Information Interaction&Retrieval - CHIIR '18 |chapter=Analysis of Open Answers to Survey Questions through Interactive Clustering and Theme Extraction |author-link3=Jussi Karlgren |author-link6=Magnus Sahlgren |date=2018 |pages=317–320 |chapter-url=http://kth.diva-portal.org/smash/record.jsf?pid=diva2%3A1185949&dswid=-9597 |doi=10.1145/3176349.3176892 |isbn=9781450349253 |s2cid=3619476 |url=http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-223645 |access-date=21 February 2022 |archive-date=28 August 2022 |archive-url=https://web.archive.org/web/20220828065639/http://kth.diva-portal.org/smash/record.jsf?pid=diva2:1185949&dswid=-9597 |url-status=live }}</ref> Data collection can use larger audience samples than the few hundred or thousand typically used in market research.<ref>{{cite web|url=https://marketcast.com/when-data-science-and-traditional-market-research-collide/|title=When Data Science and Traditional Market Research Collide|publisher=MarketCast|date=2020-11-24|access-date=2022-08-28|archive-date=2021-12-04|archive-url=https://web.archive.org/web/20211204125333/https://marketcast.com/when-data-science-and-traditional-market-research-collide/|url-status=live}}</ref> Also required is the (at least passive)<ref>{{cite news|newspaper=[[The New York Times]]|url=https://www.nytimes.com/2019/11/02/sunday-review/data-protection-privacy.html|quote=because Congress has never established an agency to|title=The Government Protects Our Food and Cars. Why Not Our Data?|author=Natasha Singer|date=November 2, 2019|access-date=July 26, 2020|archive-date=July 26, 2020|archive-url=https://web.archive.org/web/20200726104845/https://www.nytimes.com/2019/11/02/sunday-review/data-protection-privacy.html|url-status=live}}</ref> cooperation of those being surveyed;<ref>{{cite news|newspaper=[[The New York Times]]|url=https://www.nytimes.com/1993/08/23/business/media-business-advertising-latest-market-research-videogenic-self-analyzing.html|title=The latest in market research: videogenic self-analyzing shoppers.|author=Stuart Elliott|date=August 23, 1993|access-date=July 26, 2020|archive-date=July 26, 2020|archive-url=https://web.archive.org/web/20200726062824/https://www.nytimes.com/1993/08/23/business/media-business-advertising-latest-market-research-videogenic-self-analyzing.html|url-status=live}}</ref> trust<ref>{{cite news|newspaper=[[The New York Times]]|url=https://www.nytimes.com/2020/07/21/technology/us-china-technology.html|quote=it’s hard to know when to believe them.|title=Beware the 'But China' Excuses|author=Shira Ovide|date=July 21, 2020|access-date=July 26, 2020|archive-date=July 26, 2020|archive-url=https://web.archive.org/web/20200726075034/https://www.nytimes.com/2020/07/21/technology/us-china-technology.html|url-status=live}}</ref> is also helpful.<ref>{{cite news|newspaper=[[The New York Times]]|url=https://www.nytimes.com/2017/11/19/opinion/facebook-regulation-incentive.html|quote=prioritized data collection over user protection and regulatory compliance|title=We Can't Trust Facebook to Regulate Itself|author=Sandy Parakilas|date=November 19, 2017|access-date=July 26, 2020|archive-date=August 11, 2020|archive-url=https://web.archive.org/web/20200811110858/https://www.nytimes.com/2017/11/19/opinion/facebook-regulation-incentive.html|url-status=live}}</ref> Translation is an essential comprehension tool for global consumers.