In this glossary, the most important market research terms from this database and the textbooks are simply explained
PAPI stands for “Paper-and-Pencil Interviewing” or “Face-to-Face Interviewing”. In this method, the questionnaire is printed on paper and can be filled out either by an interviewer or the respondent himself. and asked by an interviewer in person to the respondent. PAPI was a traditional method of data collection before computer-assisted systems (CAPI) became common. The choice between CAPI and PAPI depends on several factors, such as: Resources: CAPI usually requires the provision of computers and related software for interviewers, while PAPI requires only paper and pens. Complexity of questions: for complex questions that use complex response options or scales, CAPI may facilitate data collection because interviewers may need assistance navigating the questions and entering responses. Time Frame: CAPI allows for more efficient data collection and faster data availability because responses are entered digitally directly. PAPI may require additional steps such as manually transferring the data into a digital form. Privacy and data security: CAPI provides the ability to encrypt and secure data directly, whereas PAPI could potentially result in the physical paper forms being stolen or lost.
Principal Component Analysis
Principal component analysis reduces the dimensionality of the data by identifying a smaller number of principal components that explain most of the variance in the data. It answers questions such as: Which variables are most highly correlated with the first principal components? Which variables can be neglected without losing much information?
Principles of market research
The principles of market research, namely objectivity, validity, and reliability, are critical to achieving reliable and meaningful results. Here is an explanation of these principles: Objectivity: objectivity refers to the fact that market research results should be free of bias, personal opinion, or preference. This means that data should be collected, analyzed and interpreted in a neutral and unbiased manner. To ensure objectivity, it is important to use standardized procedures and measurement tools to ensure that all participants are treated equally and that the results are not influenced by the researcher’s personal preferences or opinions. Validity: Validity refers to the accuracy and validity of the data collected and how well it measures the intended aspects of the research objective. It is important to ensure that the measurement instruments used actually measure what they claim to measure and that the results actually provide the intended information. High validity means that the results are representative and reliable. To ensure validity, researchers should use appropriate research methods, questionnaires, or observation techniques that are tailored to the specific objectives of the study. Reliability: Reliability refers to the consistency and reliability of the data collected. It is concerned with ensuring that the results are repeatable and that similar results are obtained when the study is conducted again. Reliability is important to ensure that the results are not random and that they actually reflect underlying characteristics or changes in the target population. To ensure reliability, researchers should use standardized procedures, provide clear instructions, and ensure that the study produces similar results in different settings and at different times. These principles are critical to ensuring that market research results are trustworthy and meaningful. They help researchers build a solid foundation for making informed business decisions by providing clear and reliable information about consumer preferences, market conditions, and other relevant issues.