Market Research

1
Market Research

• Sampling reliability

2
Why do businesses need Market research?

• Descriptive
• To identify whats happening in the market.
• Predictive
• To predict whats likely to happening in the
  future.
• Exploratory
• To investigate new possibilities in a market.

3
Worksheet

• Hall textbook p64
• Read Q 2 be prepared to answer Qs

4
Sampling

• It is not possible to survey every possible
  customer, so market research needs to take a
  sample of the population.
• Random sampling
• Quota sample
• Stratified sample
• Cluster sample

5
Random sampling

• Each member of the sample is selected at random
  like out of a hat today it uses ICT!
• Methods
• Pick every 50th off the electoral list.
• Send interviewer to their house
• Return twice if they are out!

What are the benefits and problems?
6
Quota sample

• This segments the population into groups that
  share specific characteristic.
• Interviews are then asked to interview a set
  number within each segment.
• E.G. interview 20 under 16s
• 15 17 25 25 26 50 etc

What are the benefits and problems?
7
Stratified sample

• To only select those with key characteristics to
  suit the focus of the products.
• To interview Swimmers for new swimwear,
  Equestrians for new jodhpurs!

What are the benefits and problems?
8
Cluster sample

• To send interviews into a few geographical areas.
• E.g. To a few seaside resorts to research
  swimwear.

What are the benefits and problems?
9
Reliability of research.

• Human behaviour in answers given a true
  understanding of their reasons behind their
  actions.
• Sampling bias are the interviewees
  representative?
• Questions used in questionnaires.
• Response rate
• Methods of collecting answers face to face V
  self-completion.

10
Your tasks

• Worksheet or Hall textbook p 66 Q4 Q5.

11
Homework

• Textbook Unit 4 read.
• Make notes on section 4.7 21st Century MR
• Issues for Analysis Evaluation.