Chapter 52, Identifying customer needs: market research Analysis Flashcards
Sampling Methods
- simple random sampling
- systematic sampling
- Quota sampling
- convenience sampling
- Stratified sampling
- Cluster or multi-stage sampling
Simple random sampling
members randomly selected from a list of the population, every member has an equal chance of selection
Systematic sampling
every ‘nth’ element from the list is selected from a randomly selected starting point
Quota Sampling
involves splitting the population into ‘subgroups’ according to their distribution in the population
Convenience Sampling
uses the people who came to hand most easily for example people passing by in the street
Stratified Sampling
involves splitting the population into subgroups and then carrying out random or systematic sampling within each subgroup. Proportionate and Disproportionate
Cluster sampling
randomly selection subgroups of the population
Reasons for sampling errors
- false answers
- if the respondant is in a hurry
Sampling error
the differnce between the mean value and the actual or true value
Mean value
avearage
Standard deviation
measures how spread out your data is compared to your mean. each value will be compared to the mean and if it is less than the mean it will be a negative number and if it is more it will be positive
Market segmentation
differnt groups of people within a market identified by characteristics or needs. Age, geography, gender, social class, residence, religion or ethnic group
Market Segmentation
Market Share = sales volume of business / sales volume of whole market x 100
Market Growth
Market Growth = Increase in total sales / original sales volume x 100
Factors affecting buyer behaviour
- Income
- Consumer confidence
- Advertising
- shop layout (impulse buys)
- Fashion trends
