Chapter-5 Conducting Market Research

Question 0

What is marketing?

Answer 0

Marketing is the process of anticipating and satisfying customers wants in a way that delights the customers and also meets the needs of the organisation

Question 1

What is market research?

Answer 1

Market Research is the systematic and objective collection, analysis and evaluation if information that is intended to assist the marketing process.

Question 2

What is primary market research?

Answer 2

This is the collection of information first-hand for a specific purpose

Question 3

What is secondary market research?

Answer 3

This is the use of information that has already been collected for a different purpose.

Question 4

What are the main methods of Primary Research?

Answer 4

• Experiments
• Focus Groups
• Surveys

Question 5

What are the sources for Secondary Research?

Answer 5

• Government Publications
• Newspapers and Magazines
• Company records
• The internet

Question 6

Main benefits of Secondary

Answer 6

• Information is already provide
• Able to spot trends
• Cheaper

Question 7

Drawbacks of Secondary Research

Answer 7

• Information dated
• Data available to other firms
• Secondary User may not know the actual level of accuracy and reliability of the data

Question 8

What is Qualitative Market Research?

Answer 8

Qualitative research is the collection of information about the market based on subjective factors such as opinions and reasons

Question 9

Benefits of Qualitative Research

Answer 9

• A business can use it to get better ideas if how to appeal to its consumers
• It helps to shape marketing approaches by finding out exactly why people buy products.

Question 10

Drawbacks of Qualitative Research

Answer 10

• It is very expensive to gather

- It tends to be small scale and thus possibly biased

Question 11

What is Quantitative Market Research?

Answer 11

A Quantitative research is the collection of information about the market based on numbers

Question 12

Benefits of Quantitative market research

Answer 12

• Summarises data in a concise and meaningful way

- The use if numerical data makes it easier to compare results

Question 13

Drawbacks of Quantitative Research

Answer 13

• Shows ‘what’ rather than explaining ‘why’

- Lack reliability and validity especially if the sample itself is biased or too small

Question 14

What is a sample?

Answer 14

A sample is a group of respondents whose views or behaviour should be representative of the target market as a whole

Question 15

What is a sample size?

Answer 15

A sample size is the number of people or items in the sample. Large sample sizes are more reliable as they offer a more generalised result however it is more expensive. Small sample size is the opposite

Question 16

Name three main types of sample

Answer 16

• Random Sample
• Quota Sample
• Stratified Sample

Question 17

What is Random Sampling?

Answer 17

This is a group of respondents in which each member of the target population has an equal chance of being chosen.

Question 18

What is a Quota Sample?

Answer 18

This is a group of respondents compromising a range of several different segments each sharing a common feat

Question 19

What is stratified sampling?

Answer 19

This is a group of respondents selected according to particular features.

Question 20

Drawbacks of sampling

Answer 20

• Samples may be unrepresentative
• May be bias answers that they encourage
• It may be difficult to locate suitable respondents

Question 21

Name factors that influence sampling methods.

Answer 21

• Cost and Availability
• Time
• Business Targeting specific groups of customers
• Understanding customer base