market research
What is market research?
Market research is the process of collecting, analyzing, and reporting data related to a particular market, including data on consumption of goods and services and on competitor's behavior.
Businesses use this information to make decisions.
What are some primary research method techniques?
S_______ys
I________w
F_____ G______
O_________n
Surveys- Questionnaires sent out to a target audience in which the researcher can gather useful information. Surveys can be administered through: mail, telephone, online.
Interviews - An interview is a conversation during which the interviewer asks the interviewee questions in order to gain information.
Focus groups (284) Focus groups consist of a small number of people brought together to discuss a specific product or idea.
Observation: Carefully watching and trying to understand certain things or people’s behavior.
what is stratified sampling?
In this method, the target population is made up of many different groups who are subdivided into segments or strata that share similar characteristics.
Members are chosen from each stratum to form a representative sample.
What are the purposes of market research?
Name all 4
1. Identify customer needs and wants
2. To assist a business in predicting what might happen in the future (in relation to the market)
3. Understand customer satisfaction levels
4. Understand patterns in purchase behavior (what customers are frequently purchasing etc.)
Secondary research market research techniques and give an example of each.
A_______ J_____s.
M_____ a______s.
G______ p_________s
M______ A________s
Academic journals- These are publications of scholarly articles written by experts. They were well-written and referenced. Ex. Journal of peace research
Media articles- includes papers and magazines
Government publications- articles produced by government ex. federal register
Market analyses- These include commercial publications or market intelligence reports that gather data about particular markets.
what is cluster sampling?
This is an appropriate method to use when the population isgeographically dispersed.
This will involve selecting a group from each region (cluster) and then taking a random sample from the clusters (heterogenously divided)
What are other purposes of market research?
1. reduce the risk of product failure (especially new products) by having more knowledge going into the market
2. measure the effectiveness of an implemented marketing strategy
3. to provide current or the latest information regarding activity in the market
what is sampling?
There is simply not enough time, energy, money, labor or equipment to carry out a survey of the whole populations.
In an effort to gather adequate primary research and still have a clear idea of consumers’ views, taking a sample of the population is required.
Sampling is simply the process of selecting the appropriate sample
what is snowballing?
This is a process of sampling that involves surveying the first group or individual who then suggests other groups or individuals who could participate, and so on.
What are the two market research methods, and what do they refer to?
Name first one.
Hint. P...
Primary market research (field research) - involves the collection of first hand info from the market
Most organizations will conduct this research to find out specific buying patterns of consumers and attempt to anticipate any changes in their spending behavior over a given period of time.
What is quota sampling?
This involves segmenting a given population into a number of groups that share certain characteristics (mutually exclusive sub-groups)such as age or gender.
Targets are then set for the number of people who must be interviewed in each segment.
what is convenience sampling?
This is a sampling technique where groups are selected based ontheir easy access and proximity to the researcher.
For example, a teacher doing research on the school canteen could conduct a study by being physically present and directly interviewing students purchasing items from the canteen at break time or lunchtime.
What are the two market research methods, and what do they refer to?
Name second one.
Hint. S...
Secondary market research (desk research) - Collection of second hand information from the market or analyzing data that already exists
Organizations should first carry out secondary research to get background and then use primary research to elaborate / fill in gaps.
what is random sampling?
In this case every member in the population has an equal chance of being selected as part of the sample. With technology, a list of random numbers can be generated from a target population by the use of a computer
Benefits of properly collected data include:
The ability of research to answer accurately the research questions posed
The ability to repeat and validate a particular study where needed
Increased accuracy of findings resulting in efficient use of resources
Good opportunities for other researchers to pursue areas needing further investigation