Sampling Flashcards
What is quantitive data?
Data that is stored in numerical forms usually in closed questions
What is qualitative data?
Words that generally summarise answers usually containing open questions
What are positives and negatives of qualitative data?
+ greater knowledge, in-depth answers, understand Market, variety, new products
- time consuming, biased, hard to format, sometimes subjective
What are the positives and negatives quantitate data?
+ easier to analyse, validity, quicker, provides insight on trends
- closed answers, simple, not representative
What is sampling?
Gathering of data from a sample of respondents, the results of which should be representative of the population as a whole.
What does sampling depend on?
Technique used Size of sample How it was carried out Budget Accuracy Customer confidence
What does sampling allow a business to do?
Gain insight on the wants and needs of customers in a cost effective way.
What are positives and negatives of sampling?
+ lower costs, less time, represents market, flexible
- nonrepresentational, bias, less useful in changing market
What are methods of market research online?
using websites,social networking and databases.
How would you use websites for market research?
invite feedback
online polls and surveys
cookies
number of times and timings of visitors
How would you use social networking for market research?
reviews blogs likes/dislikes viral marketing customer feedback
How would you use databases for market research?
data mining and trends
What are the types of sampling?
random
quota
stratified
What is random sampling?
entire population is available that could be chosen
What is quota sampling?
the initial population is grouped into selected to reach a certain amount of data for each group
