One Direction
What is market research?
The process of collecting, recording, and analysing data about customers, competitors and the market
What are things to consider when conducting consumer surveys? (state 2)
Who to ask, What to ask, How to ask, How accurate is it?
What does "population" mean in data collection?
Total number of people under study
The ________ the sample, the ______ confidence can be given to the final results.
Larger, more
Who is the creator of Julius (the monkey character)?
Paul Frank
What is Market Analysis?
Extremely detailed reports on individual markets and industries that are produced by specialist market research agencies
Name 3 ethical considerations.
Permission, sensitive topics, objectivity vs. subjectivity, anonymity, parent consent, right to refuse
Why is sampling necessary when using primary research methods?
Because of cost and time of gathering data
What is important when interviewing someone?
To avoid bias when asking questions
A woman shoots her husband. Then she holds him underwater for over 5 minutes. Finally, she hangs him. But 5 minutes later they both go out together and enjoy a wonderful dinner together. How can this be?
The woman was a photographer. She shot a picture of her husband, developed it, and hung it up to dry.
What is the ethical consideration of anonymity?
Many types of research, such as surveys or observations, should be conducted on the assumption that findings are kept anonymous.
Give 2 examples of quantitative research.
experiments
observations recorded as numbers
surveys with closed-ended questions
What is sampling error?
Errors in research caused by using a sample for data collection rather than the whole target population
What is test marketing? (bonus point if you can state the limitation.)
Marketing a new product in a geographical region before a full-scale launch.
Limitation: not always accurate if the total population
How many slides do we have?
142
What is convenience sampling?
Drawing representative selection of people because of the ease of their volunteering or selecting people because of their availability or easy access
What is the main difference between primary research and secondary research?
Secondary research involves existing data and is often undertaken before primary research.
Why do organizations carry out market research? (state 2)
- Reduce the risks associated with new product launches
- Predict future demand changes
- Explain patterns in sales of existing products and market trends
- To assess the most favored designs, flavors, styles, promotions, and packages for a product
When are tables used? (List 2)
- wide range of results needs to be recorded
- results need to be analysed by statistical means
- there is a lot of text to include with the results, eg. detailed headings for each column
Make 36 using numbers 7 0 2 3 5, by using PEMDAS
((7*5) + 3) - 2 = 36
((7+5)*3) + (0*2) = 36
What is needed to select a random sample? (list 2)
- a list of all of the people in the target population
- sequential numbers given to each member of this population
Give an example of an academic journal and what the focus would generally be
www.journals.elsevier.com/international-journal-of-research-in-banking
Focus on science and techniques involved in market research
State one advantage and one disadvantage of primary research.
Advantage: relevant, confidential, up to date
Disadvantage: costly, time-consuming, Accuracy and validity
List 2 disadvantages of mode
- For grouped distributions, the result is estimated from the modal group – estimate might not be accurate
- The mode does not consider all of the data -> cannot be used for further statistical analysis
- May be more than one modal result, which could cause confusion
Why is life like a box of chocolate?
Because you never know what you're going to get.