Using AI for market research in AI for Everyone - Mini Project: Build & Apply

Using AI for Market Research

📖 Scenario: You work for a small business that wants to understand customer preferences better. You decide to use AI tools to analyze customer feedback and market trends.

🎯 Goal: Build a simple step-by-step plan to use AI for market research, including data collection, setting criteria, analyzing data, and summarizing insights.

📋 What You'll Learn

Create a list of customer feedback comments

Set a keyword to focus the analysis

Use a loop to find comments containing the keyword

Summarize the number of relevant comments found

💡 Why This Matters

🌍 Real World

Businesses use AI to quickly analyze customer opinions and market trends from large amounts of feedback.

💼 Career

Understanding how to prepare and filter data is a key skill for market researchers and data analysts using AI.

1

Create customer feedback data

Create a list called feedback with these exact customer comments: 'Love the product quality', 'Customer service was slow', 'Great value for money', 'Delivery was late', 'Product exceeded expectations'.

AI for Everyone

# Create the list called feedback with the given comments
# Your code here

Hint

Use square brackets [] to create a list and include all comments as strings inside quotes.

2

Set the keyword for analysis

Create a variable called keyword and set it to the string 'product' to focus on comments about the product.

AI for Everyone

feedback = ['Love the product quality', 'Customer service was slow', 'Great value for money', 'Delivery was late', 'Product exceeded expectations']
# Create the variable keyword with the value 'product'
# Your code here

Hint

Assign the string 'product' to the variable keyword using the equals sign.

3

Find comments containing the keyword

Create an empty list called relevant_comments. Use a for loop with the variable comment to go through each item in feedback. Inside the loop, use an if statement to check if keyword is in comment (case insensitive). If yes, add comment to relevant_comments.

AI for Everyone

feedback = ['Love the product quality', 'Customer service was slow', 'Great value for money', 'Delivery was late', 'Product exceeded expectations']
keyword = 'product'
# Create an empty list relevant_comments
# Use a for loop to check each comment for the keyword
# Your code here

Hint

Remember to convert both keyword and comment to lowercase to ignore case differences.

4

Summarize the analysis

Create a variable called summary and set it to a string that says: 'Number of comments about product: ' followed by the number of items in relevant_comments. Use an f-string to combine the text and number.

AI for Everyone

feedback = ['Love the product quality', 'Customer service was slow', 'Great value for money', 'Delivery was late', 'Product exceeded expectations']
keyword = 'product'
relevant_comments = []
for comment in feedback:
    if keyword.lower() in comment.lower():
        relevant_comments.append(comment)
# Create the summary string using an f-string
# Your code here

Hint

Use len(relevant_comments) inside the curly braces of the f-string to get the count.

Practice

1. What is one main benefit of using AI in market research?

easy

A. It replaces all human decision-making completely.

B. It quickly analyzes large amounts of data to find insights.

C. It guarantees 100% accurate predictions every time.

D. It only works with small data sets.

Solution

1. Step 1: Understand AI's role in data analysis

   AI can process large data sets faster than humans to find useful patterns.

2. Step 2: Evaluate the options

   Only It quickly analyzes large amounts of data to find insights. correctly states AI's benefit; others are incorrect or exaggerated.

3. Final Answer:

   It quickly analyzes large amounts of data to find insights. -> Option B

4. Quick Check:

   AI helps analyze data fast = A [OK]

Hint: AI excels at fast data analysis for insights [OK]

Common Mistakes:

• Thinking AI replaces all human decisions
• Believing AI predictions are always perfect
• Assuming AI only works with small data

2. Which of the following is the correct way AI can help in market research?

easy

A. By automatically analyzing customer opinions and trends.

B. By manually collecting data from customers.

C. By ignoring competitor activities.

D. By deleting old market data.

Solution

1. Step 1: Identify AI's function in market research

   AI automates analysis of opinions and trends, not manual data collection or ignoring data.

2. Step 2: Match options with AI capabilities

   Only By automatically analyzing customer opinions and trends. correctly describes AI's role in analyzing data automatically.

3. Final Answer:

   By automatically analyzing customer opinions and trends. -> Option A

4. Quick Check:

   AI automates analysis = B [OK]

Hint: AI automates analysis, not manual tasks [OK]

Common Mistakes:

• Confusing AI with manual data collection
• Thinking AI ignores competitor data
• Assuming AI deletes data

3. Consider this example: An AI tool analyzes customer reviews and finds that 70% mention fast delivery positively. What can a company infer from this?

medium

A. Most customers dislike the delivery speed.

B. AI cannot analyze customer reviews effectively.

C. Fast delivery is a strong positive factor for customers.

D. Delivery speed is irrelevant to customer satisfaction.

Solution

1. Step 1: Interpret AI analysis result

   70% positive mentions about delivery speed means most customers like it.

2. Step 2: Choose the correct inference

   Fast delivery is a strong positive factor for customers. correctly states fast delivery is a strong positive factor.

3. Final Answer:

   Fast delivery is a strong positive factor for customers. -> Option C

4. Quick Check:

   70% positive = delivery speed valued [OK]

Hint: Positive majority means strength in that area [OK]

Common Mistakes:

• Misreading positive mentions as negative
• Doubting AI's ability to analyze text
• Ignoring the relevance of delivery speed

4. An AI market research tool was set to analyze competitor prices but returned no results. What is the most likely error?

medium

A. The AI was given incorrect or missing data sources.

B. The AI always fails to analyze prices.

C. Competitors have no prices to analyze.

D. AI does not work for market research.

Solution

1. Step 1: Identify cause of no results

   No results usually mean data input issues, not AI failure itself.

2. Step 2: Evaluate options for likely error

   The AI was given incorrect or missing data sources. correctly points to incorrect or missing data sources as cause.

3. Final Answer:

   The AI was given incorrect or missing data sources. -> Option A

4. Quick Check:

   No data input = no results [OK]

Hint: Check data sources first when AI returns no output [OK]

Common Mistakes:

• Assuming AI always fails on prices
• Believing competitors have no prices
• Thinking AI never works for market research

5. A company wants to use AI to predict future market trends but has very limited historical data. What should they do to improve AI's effectiveness?

hard

A. Avoid AI and guess trends manually.

B. Use AI predictions immediately without data checks.

C. Ignore data quality and focus on AI speed.

D. Collect more quality data before relying on AI predictions.

Solution

1. Step 1: Understand AI needs for prediction

   AI requires enough quality data to learn and predict accurately.

2. Step 2: Choose best approach to improve AI results

   Collect more quality data before relying on AI predictions. advises collecting more quality data, which is essential before trusting AI predictions.

3. Final Answer:

   Collect more quality data before relying on AI predictions. -> Option D

4. Quick Check:

   Good data improves AI predictions [OK]

Hint: Better data means better AI predictions [OK]

Common Mistakes:

• Relying on AI without enough data
• Ignoring data quality for speed
• Avoiding AI completely without trying