Focus groups discussions are commonly used in Market Research to derive qualitative insights. It could be defined as a group of interacting individuals, brought together by a moderator or interviewer, who drives the group and its interaction as a way to gain information about a specific research topic.
Primary data is information collected through original or first-hand research. For example, surveys and focus group discussions. On the other hand, secondary data is information which has been collected in the past by someone else. For example, researching the internet, newspaper articles and company reports.
The socio-economic classification (SEC) is a measure used to classify and target consumers based on certain parameters, as defined by Market Research Society of India (MRSI) in 2011. It is based on two variables:
- Education of chief earner
- Number of “consumer durables” owned by the family (from the predefined list of 11 durables namely Electricity connection, Ceiling fan, LPG stove, Two-wheeler, Color TV, Refrigerator, Washing Machine, Personal Computer/Laptop, Car, Air Conditioner and Agricultural Land).
To impress readers of Market Research reports, consumers are often classified in terms of generations named as Millennials, Gen X & Baby Boomers. This is a predominantly American classification, but is occasionally used in other countries as well.
Millennials are people born during mid 80’s and are so named because they reached adulthood around the time of the change of millennium.
In Market Research world, TOMA is Top-of-mind-awareness.
Awareness is the extent to which a brand is recognized by consumers at large. Typically, there are three different levels by which brand awareness can be measured:
- Top of the mind awareness (TOMA): When mentioned a product/service category, the first brand which comes to mind becomes top-of-mind. For eg. When you hear toothpaste, which is the first brand which comes to your mind?