4.4 Market Research

Academic journals

Also known as scholarly journals, these are publications that contain the latest educational research and academic theory

Ad-hoc market research

Market research conducted as and when required for a specific problem that the organization is facing

Bar graphs

Method of visual presentation of data, used to compare figures in a study, such as sales figures during different time periods

Cluster sampling

Sampling method that involves identifying the population by geographical areas (clusters), and then interviewing people within certain clusters randomly

Consumer panel

A focus group comprised of people who belong to the firm’s target segment(s), referred to in order to gather their expert feedback

Continuous market research

A type of market research that is conducted on an ongoing basis, rather than a one-off basis

Convenience sampling

Sampling method that refers to the practice of using people that are within easy reach, in an unplanned way, to conduct market research

Ethics

The moral principles and values held by society. Regarding the ethics of market research, this refers to all aspects of how the research is designed to how the results are shared and presented

Focus groups

Small groups of targeted customers with similar characteristics and/or similar interests

Government publications

These are official documents released by governments and government agencies

Histograms

Type of bar graph, used to show frequency and the range within a data set

Interviews

Market research method that involves dialogue between the interviewer (the market researcher) and the interviewees (respondents to the market research)

Line graphs

Method of visual presentation of data, used to show time-series data, i.e. changes in variables over time

Market research

Refers to the range of marketing activities designed to determine the opinions, beliefs and feelings of existing and potential customers

Media articles

Professional documents or articles in print or online media. Unlike academic journals, media articles are written by trained journalists and authors, rather than by academics at university

Non-sampling error

When an inappropriate sampling methodology is used, i.e. mistakes not attributed to human errors in market research design

Observations

A form of primary market research that involve researchers watching, monitoring and recording how customers behave or react to certain situations

Pie charts

Method of visual presentation of data, used to show percentages, such as the percentage of participants who chose a particular option in a survey

Population

Refers to all members of a particular group or market

Primary research (or field research)

The process of conducting market research to collect new (original) data to gain more insight into the issue being investigated, e.g. questionnaires, interviews, observations and focus groups

Qualitative research

A category of market research based on the opinions of participants. It creates detailed and non-numerical information

Quantitative research

A category of market research based on gathering facts and figures, i.e. quantifiable data

Quota sampling

A form of sampling in which the researcher selects a certain number of people from each market segment and then grouped according to characteristics (such as age or gender)

Random sampling

Sampling method that selects anyone in the population for market research, allowing all respondents the same equal chance of being selected

Sample

The proportion or subgroup of the population selected for market research purposes

Sampling error

When a researcher inappropriately designs market research, resulting in bias and unrepresentative results

Scatter diagrams

Method of visual presentation of data, used to show possible correlations between two variables, such as consumer income and expenditure levels

Secondary research

Also known as desk research, this refers to the collection of data and information that has already been collected by another source, i.e. the data or information already exists. Examples include gathering sources from trade journals, specialist magazines, newspapers and government statistics

Snowballing

Sampling method that relies on participants referring or recommending further subjects to take part in the market research

Stratified sampling

A sampling method where the population is segmented into various strata (layers of sub-groups) that share similar characteristics – rather like with quota sampling

Survey

A data collection tool used to gather primary market research about individuals or their opinions, using a series of standardised questions