3 MARKETING - 3.2 Market Research

Question 1

How to Evaluate Market Research?

CCCTBA

Answer 1

1. Cost
2. Relevance
3. Accuracy
4. Confidentiality
5. Comparability
6. Timing
7. Bias

Question 2

What is the purpose of Market Research?

Answer 2

Determine Characteristics > Build a Consumer Profile > Understand Wants and Needs

Question 3

What are the Methods of Research?

Answer 3

1. Primary Research

2. Secondary Research

Question 4

Define Primary Research

Answer 4

Collection of first hand data directly related to the firm’s needs
(focus groups and questionnaires)

Question 5

Define Secondary Research

Answer 5

Collection of data from second hand resources

Printed, paid for and web based sources of information

Question 6

Define Sample

Answer 6

Group of people taking part in market research meant to represent the entire market

Question 7

What are the different methods of Sampling?

Answer 7

1. Random
2. Stratified
3. Quota

Question 8

Define Random Sampling

Answer 8

Each person of the population targeted has an equal chance of being selected

Question 9

Define Stratified Sampling

Answer 9

a sample is selected from each stratum and the members are selected by random sampling

Question 10

Define Quota Sampling

Answer 10

after the target population is stratified an appropriate amount of members are selected from each stratum