4.4 Market Research

Question 1

Market Research

Answer 1

The marketing activities designed to discover the opinions, beliefs and preferences of potential and existing customers.

Question 2

Surveys

Answer 2

Surveys attempt to gain data from large numbers of respondents in a relatively short time frame. They are well suited for gathering quantitative rather than qualitative data.

Question 3

Interviews

Answer 3

Interviews allow researchers to ask follow-up questions so clarification of a key idea or opinion can be sought. It is normal for interviews to be recorded so that they can be replayed and transcribed at a later date.

Question 4

Focus Groups

Answer 4

An interview conducted with a group of individuals, usually with similar characteristics (for example, young mothers being asked about children’s products).

Question 5

Observations

Answer 5

A technique which involves directly observing consumers or another target audience in their natural environment

Question 6

Market Analysis

Answer 6

Market analysis is the process of examining a particular sector, industry, market or niche. Through it, historical and current facts are used to forecast potential outcomes.

Question 7

Unethical Market Research 5D’s:

Answer 7

Damage
Deceitful
Deceptive
Disclosure
Detachment

Question 8

Convenience Sampling

Answer 8

Sampling in where people are chosen simply because they are easier to select or more likely to respond. For example, the researcher decides to stand in a pedestrian mall and ask people walking past.

Question 9

Cluster Sampling

Answer 9

Divides the population into clusters and then takes a simple random sample from each cluster.

Question 10

Quota Sampling

Answer 10

Non-probability sampling method that relies on the non-random selection of a predetermined number or proportion of units.

Question 11

Stratified Sampling

Answer 11

Method of sampling from a population which can be partitioned into subpopulations

Question 12

Snowballing

Answer 12

Nonprobability sampling technique where existing study subjects recruit future subjects from among their acquaintances.

Question 13

Simple Random Sampling

Answer 13

Each member of the population has the same chance of being selected in the sample.
Each set of n members of the population has the same chance of being selected as any other set of n members