Brandspeak has compiled this market research glossary to provide definitions for some of the most commonly used research terms – we hope you find it useful. If you feel that key words or phrases are missing or in any way incomplete, please let us know so that we can keep evolving these pages.
There are currently 5 names in this directory beginning with the letter V.
Van Westendorp Pricing Technique
This technique is used to determine the optimal price point for a product or service. It comprises 4 questions designed to ensure that the selected price point is neither too low nor too high. The Van Westendorp Pricing Technique comprises 4 questions: At what price would you consider the product to be so expensive that you would not consider buying it? (Too expensive) At what price would you consider the product to be so inexpensive that you would feel the quality couldn’t be very good? (Too cheap) At what price would you consider the product starting to get expensive, so that it is not out of the question, but you would have to give some thought to buying it? (Expensive/high Side) At what price would you consider the product to be a bargain—a great buy for the money? (Cheap/good value) The results are plotted on a graph that clearly identifies optimal pricing territory. The approach works best in established sectors where respondents can use their knowledge of products or services already in existence.
A variable is a quantity or property with an assigned value that may take on different values at different times during the research.
In the context of market research, this term refers most commonly to the practice of live streaming qualitative research via the internet, so that client viewers who are unable to attend the sessions in person can watch proceedings from another location.
Viewing facilities are purpose-built for market research purposes and comprise back to back rooms separated by a one-way mirror. Clients sit in one room observing proceedings between the moderator and respondents located in the other. Most client rooms also offer additional monitors, live feeds and streaming services for clients who are unable to attend in person.
Within the context of market research, virtual reality is a relatively new approach that is growing rapidly in terms of relevance and importance. It offers the chance for respondents to experience stimulus in virtual 3D, without the need to develop prototypes. One of the most compelling applications for virtual reality is in the evaluation of in-store environments, packaging and merchandising options.