3 MARKETING - 3.2 Market Research Flashcards

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1
Q

How to Evaluate Market Research?

CCCTBA

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

What is the purpose of Market Research?

A

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

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3
Q

What are the Methods of Research?

A
  1. Primary Research

2. Secondary Research

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4
Q

Define Primary Research

A

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

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5
Q

Define Secondary Research

A

Collection of data from second hand resources

Printed, paid for and web based sources of information

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6
Q

Define Sample

A

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

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7
Q

What are the different methods of Sampling?

A
  1. Random
  2. Stratified
  3. Quota
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8
Q

Define Random Sampling

A

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

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9
Q

Define Stratified Sampling

A

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

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10
Q

Define Quota Sampling

A

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

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