In this glossary, the most important market research terms from this database and the textbooks are simply explained
In market research, different scales are used to capture consumers’ opinions, attitudes and behaviors. The different characteristics are: Nominal scale: This scale is used to categorize characteristics without indicating a ranking or spacing between categories. An example of this would be the question about gender (male, female, other). Ordinal scale: In this scale, characteristics are arranged according to their order or ranking, but without quantifying exact distances between categories. An example of this would be rating customer satisfaction on a scale of “very dissatisfied,” “dissatisfied,” “neutral,” “satisfied,” and “very satisfied.” Interval scale: This scale allows the measurement of intervals between characteristic values and has a fixed unit, but no absolute zero. An example of this would be a rating scale of 1 to 10, where a value of 5 can be considered twice as high as 2. Ratio scale: This scale is similar to the interval scale, but contains an absolute zero representing both an absence and a quantitative value. Examples would be scales measuring weight or sales.
Social Media Monitoring
Social media monitoring software is a tool designed to collect, analyze and monitor information from social media. It allows companies, organizations or individuals to track activity on social networks to gain insights into opinions, sentiments, trends and other relevant information about their brand, products, competitors or specific topics. The main role of social media monitoring software is to monitor and analyze social media content and activity. This includes tracking mentions of their own brand or company, identifying relevant hashtags and trending topics, analyzing consumer opinions and sentiments, gathering competitive intelligence, and capturing general trends in social media.