Market Research ( Sampling, Data Types )

Question 1

What is Random Sampling ?

Answer 1

When a business randomly selects candidates for research. This means their research is not for one specific demographic such as Age, Sex or Religion.

Question 2

What is Quota Sampling ?

Answer 2

Quota Sampling is used to gain information about a specific mix, or specific demographic of the population. For example, if 20% of a company’s customers were men, then the Marketing staff would be instructed to ask 1 man for every 4 women to obtain an equal percentage of men and women’s opinions.

Question 3

What is Qualitative Data ?

Answer 3

Qualitative Data aims to gather opinions and views.

An example of Qualitative data is “do you find this packaging attractive”

Question 4

What is Quantitative Data ?

Answer 4

Quantitative Data is based on facts that can be tested.

An example of Quantitative data is knowing “what is the average income of our earners”

Question 5

What is the issue with a sample size that’s too small ?

Answer 5

If a sample size is too small, random errors are more likely to make the data inaccurate.

Question 6

What is the issue with a sample size that is too big ?

Answer 6

A sample size that is too big will cost a business more time and money to complete.

Question 7

What is the issue with Bias when conducting market research ?

Answer 7

It forms data that is specific to a certain demographic of consumers.

An example of Bias, is having the majority of your candidates be between the ages of 16 and 19.