Market research

Question 1

What is market research

Answer 1

market research is gathering recording and analysing of data about problems relating to the marketing of goods and services

Question 2

Why conduct market research

Answer 2

identify needs and wants of customers. this means you can now produce products that are in high demand.
to identify changes in trends and fashion. this means you can adapt your products so they are on trend.
to identify how much customers are prepared to pay. this means sales will increase as you are charging prices customers can afford.
to identify where the most populare places for customers to purhcase products. this means you can relocate to these areas

Question 3

Describe random individuals sampling

Answer 3

random individuals are chosen from a list
- they are normally telephoned or emailed
if they are out they must be telephones back at a later time
limits interviewer bias as they have already been chosen

Question 4

Describe quota sampling

Answer 4

the person interviewing is told the number of people and the type of person who is interviewed
- the interviewer selects those who meet the criteria- lead to interviewer bias

Question 5

Describe stratified sampling

Answer 5

the sample is chosen based on the makeup of the population
- the interviewer selects those who meet the criteria- lead to interviewer bias

Question 6

What is desk research

Answer 6

market research which has been gathered for one purpose and used for another

Question 7

Describe internal methods of desk research

Answer 7

sales figures
stock figures
custoemer comments and complaints

Question 8

Describe external methods of desk research

Answer 8

government publication
competitor info
trade journals
market research
newspapers

Question 9

Describe the advanatges of desk research

Answer 9

easier to obtain
- use it immediately
less expensive than field