4.4 Market research

Observational technique

Observational technique

________: a qualitative method of collecting and analyzing information obtained through directly or indirectly watching and observing others in business environments e.g.

Quota sampling

________: gathering data from a group chosen out of a specific sub- group, e.g.

Surveys

________: detailed studies of a market or geographical area to gather data on attitudes, impressions, opinions and satisfaction levels of products or businesses, by asking a section of the population.

Snowball sampling

________: using existing members of a sample study group to recruit further participants through their acquaintances.

whole target population

Sampling errors: errors in research caused by using a sample for data collection rather than the ________.

Market research

________: process of collecting, recording and analyzing data about customers, competitors and the market.

Random sampling

________: every member of the target population has an equal chance of being selected.

Convenience sampling

________: drawing representative selection of people because of the ease of their volunteering or selecting people because of their availability or easy access.

Sample

________: group of people taking part in a market research survey selected to be representative of the target market overall.

Primary research

________: collection of first- hand data that are directly related to a firms needs.

Test marketing

________: marketing a new product in a geographical region before a full- scale launch.

Market research

process of collecting, recording and analyzing data about customers, competitors and the market

Primary research

collection of first-hand data that are directly related to a firms needs

Secondary research

collection of data from second-hand sources

Qualitative research

research into the in-depth motivations behind consumer buying behavior or opinions

Quantitative research

research that leads to numerical results that can be presented and analyzed

Surveys

detailed studies of a market or geographical area to gather data on attitudes, impressions, opinions and satisfaction levels of products or businesses, by asking a section of the population

Focus groups

groups of people who are asked about their attitude towards a product, service, advertisement or new style of packaging

Observational technique

a qualitative method of collecting and analyzing information obtained through directly or indirectly watching and observing others in business environments e.g

Test marketing

marketing a new product in a geographical region before a full-scale launch

Sample

group of people taking part in a market research survey selected to be representative of the target market overall

Sampling errors

errors in research caused by using a sample for data collection rather than the whole target population

Quota sampling

gathering data from a group chosen out of a specific sub-group, e.g

Random sampling

every member of the target population has an equal chance of being selected

Cluster sampling

using one or a number of specific groups to draw samples from and not selecting from the whole population, e.g

Snowball sampling

using existing members of a sample study group to recruit further participants through their acquaintances

Convenience sampling

drawing representative selection of people because of the ease of their volunteering or selecting people because of their availability or easy access

Market research

Process of collecting, recording and analyzing data about customers, competitors and the market

Primary research

Collection of first-hand data that are directly related to a firm's needs

Secondary research

Collection of data from second-hand sources

Qualitative research

Research into the in depth motivations behind consumer buying behavior or opinions

Quantitative research

Research that leads to numerical results that can be presented and analyzed

Surveys

Detailed studies of a market or geographical area to gather data on attitudes, impressions, opinions and satisfaction levels of products or businesses, by asking a section of the population

Focus groups

Groups of people who are asked about their attitude towards a product, service, advertisement or new style of packaging

Observational technique

Qualitative method of collecting and analyzing information obtained through directly or indirectly watching and observing others in business environments' e.g. watching consumers walk round a supermarket

Test marketing

Marketing a new product in a geographical region before a full-scale launch

Sample

Group of people taking part in a market research survey selected to be representative of the target market overall

Sampling errors

Errors in research caused by using a sample for data collection rather than the whole target population

Quota sampling

Gathering data from a group chosen out of a specific sub-group, e.g. a researcher might ask 100 individuals between the ages of 20 and 30 years

Random sampling

Every member of the target population has an equal chance of being selected

Stratified sampling

Stratified sampling draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum

Cluster sampling

Using one or a number of specific groups to draw samples from and not selecting from the whole population, e.g. using one town or region

Snowball sampling

Using existing members of a sample study group to recruit further participants through their acquaintances

Convenience sampling

Drawing representative selection of people because of the ease of their volunteering or selecting people because of their availability or easy access