Selling and Market Research

Question 1

What are the steps involved in market research?

Answer 1

1. Define the Problem
2. Select the Type of Data
3. Construct a Representative Sample
4. Design the Research Instrument
5. Gather and Summarize the Data

Question 2

What do in the “define the problem” step?

Answer 2

work backward fromthe decision (decisions related to biz plan
engage in either deduction or induction

Question 3

What is the cycle of the scientific method

Answer 3

Exploratory/inductive = using data to generate a theory
Testing/deductive = test the theory to see if actual data lines up
(data –> theory –> data –> theory..)

Question 4

HOw to focus group

Answer 4

• 6-12 participants
• group interaction (encourage it by seating people in circle!)
• led by trained moderator

Question 5

How to survey

Answer 5

• one questionnaire to all participants
• unambigious, unbiased questions, general to specific order
• good for gathering descriptive info and statistics
• mix framing (I feel happy all the time // I feel sad all the time)
• pretest!

Question 6

Example of a survey that wasn’t successfully predictive of population? Why?

Answer 6

1936 presidantial vote: Landon predicted ot win but roosevelt did
Why?
- voluntary, and only through subscribers of certain magazine
- people with phone (cuz had to do interview over phone)
(self-selection bias, non-coverage bias)
= sooo rich people! who typically vote more conservative

Question 7

What are 3 types of sampling?

Answer 7

• Simple random = each subjec in pop has same probability of beingn selected
• systematic sampling = every i^th item
• stratified sampling = simple random sample from eah subgroup of pop then comubing the samples

Question 8

7 steps of selling process?

Answer 8

1) prospecting and qualifying (find who potential customers are)
2) pre-approach (learn about biz.cust before sales call)
3) approach (introduce, what say 1st) and fgather ingormation
4) presentation and demonstration (need 3 levels: 1 min elevator, 3-5 mins basics, 15 min complete details)
5) handling objections (personal selling best here)
6) close (come to end and hand to them, if Qs return to above stesp)
7) follow up (easier to sell to past customers)