Mkt research + Sampling

Question 1

Primary market research -

Answer 1

• collects and analyses data for the first time to use for marketing purposes

Question 2

Secondary market research -

Answer 2

• collects and analyses data that already exists for the marketing purposes

Question 3

Qualitative data -

Answer 3

• data can be observed and recorded; this data type is non-numerical

Question 4

Quantitative data -

Answer 4

• the numerical data

Question 5

Marketing research would be useful for (5)

Answer 5

1. Analysing the existing position of the business
2. Deciding on possible market objectives
3. Identifying possible actions that could be taken
4. Deciding the actions to take and how best to implement them
5. Assessing how effective marketing decisions have been

Question 6

Marketing research and decision making (4)

Answer 6

1. Analysis
2. Planning (considering what activities to undertake)
3. Implementation (deciding how best to undertake the activities)
4. Control (reviewing the success of marketing activities)

Question 7

The marketing research process (5)

Answer 7

1. Identify and define what it is the business wants to find out
2. Decide on how to gather the data
3. Gather the data
4. Analyse the data
5. Interpret the findings and present them to inform decision making

Question 8

Marketing research (6)

Answer 8

1. Who (people who buy and consume might not be the same people/who do they ask for info before buying)
2. What (actual purpose behind this stupid purchase -> chewing gum to quit smoking)
3. What influences (personal/economical/social/technical)
4. Why (people have different reasons)
5. When (seasonal/specific occasions)
6. Where (distribution)

Question 9

Personal factors (3)

Answer 9

1. Self image
2. Ethics
3. Emotional image

Question 10

Economic factors (3)

Answer 10

1. Price
2. Value for money
3. Running costs

Question 11

Social factors (3)

Answer 11

1. Status
2. Social norms
3. Fashion

Question 12

Technical factors (4)

Answer 12

1. Reliability
2. How long it lasts
3. Features and specifications
4. How it performs

Question 13

Secondary market research (example, adv, disadv)

Answer 13

• Newspapers, annual reports, info produced by the government
• Available and cheap (+)
• Might be out of date or in a different format (-)

Question 14

Primary market research (example, adv, disadv)

Answer 14

• Observation, interview, questionnaires, online surveys
• Specific to the business (+)
• Complicated, often expensive, time - consuming (-)

Question 15

Sampling -

Answer 15

• a group of people or items selected to represent the target population

Question 16

Target population -

Answer 16

• all the items or people that are relevant to the market research being undertaken

Question 17

Quota sampling -

Answer 17

• a non-probability sampling method that relies on the non-random selection of a predetermined number or proportion of units

Question 18

Random sampling -

Answer 18

• a part of the sampling technique in which each sample has an equal probability of being chosen

Question 19

Stratified sampling -

Answer 19

• a type of sampling method in which the total population is divided into smaller groups or strata to complete the sampling process. The strata is formed based on some common characteristics in the population data

Question 20

Value of sampling (3 adv and 1 disadv)

Answer 20

1. Insight into the market
2. Saves money
3. Quicker
4. Relying on the sample and if this research is undertaken badly the sample may not be representative

Question 21

Value of sampling depends on (3 + explanations)

Answer 21

1. How the people or items selected (the sample must be chosen carefully to represent the target population)
2. How the sampling is conducted (some question might suggest a specific answer the customers should choose)
3. The sample size (the smaller the sample size the less you will be able to be sure that the results reflect the target population as a whole)