CEA Topic 4 - The Market research Process

Question 1

What is the first step in the market research process?

Answer 1

Defining the problem and the research objectives.

Question 2

What is the difference between primary and secondary data?

Answer 2

Primary data is collected specifically for the research at hand. [E.g., Survey]
Secondary data already exists and has been collected for another purpose. [E.g., Government Data]

Question 3

Name and briefly describe the observational research approach.

Answer 3

Observational Research: Gathering data by observing people, actions, and situations.

Question 4

Name and briefly describe the survey research approach

Answer 4

Survey Research: Asking individuals about their attitudes, preferences, or behaviors.

Question 5

Name and briefly describe the experimental research approach.

Answer 5

Experimental Research: Using groups of people to determine cause-and-effect relationships.

Question 6

What are the key decision areas for developing research instruments?

Answer 6

• Research approaches
• Contact methods
• Sampling plan
• Instrument design (e.g., questionnaire, interview guide)

Question 7

What are the advantages and disadvantages of mail surveys?

Answer 7

• Advantages: Flexibility, good for collecting large amounts of data, control of interviewer effects.
• Disadvantages: Poor response rates, limited control of sample, slow data collection.

Question 8

What is the purpose of a sampling plan?

Answer 8

To outline how the sample will be selected from the population, ensuring it is representative of the target population.

Question 9

What is the difference between probability and non-probability sampling?

Answer 9

• Probability sampling: Every member of the population has a known and equal chance of being selected.
• Non-probability sampling: The probability of each member being selected is unknown.

Question 10

Briefly describe simple random sampling and give an example.

Answer 10

Every member of the population has an equal chance of being selected. Example: Drawing names from a hat.

Question 11

What is the main difference between stratified random sampling and cluster sampling?

Answer 11

Stratified sampling divides the population into subgroups based on a characteristic, while cluster sampling divides the population into naturally occurring groups.

Question 12

What are the advantages and disadvantages of convenience sampling?

Answer 12

• Advantages: Easy and inexpensive.
• Disadvantages: Not representative of the population, can lead to biased results.

Question 13

What does it mean to “process” data in the research plan implementation stage?

Answer 13

Cleaning, coding, and organizing the data to prepare it for analysis.

Question 14

What are the key steps involved in interpreting and reporting research findings?

Answer 14

• Analyzing the data
• Drawing conclusions
• Reporting the findings to management

Question 15

What are the three main types of charts used to visualize data?

Answer 15

• Line graphs
• Bar charts
• Pie charts

Question 16

What is the purpose of cross-tabulation?

Answer 16

To show the relationship between two or more variables.

Question 17

Why is it important to check data for accuracy and completeness?

Answer 17

To ensure the data is reliable and valid, leading to accurate analysis and conclusions.