Copyright 2006 – Biz/ed Unit 2 Quiz will be either Thursday or Friday March 28 On Friday, students had to hand in “Famous Marketing Research Assignment”. If a student has a valid reason such as doctor’s appointment, then he or she can hand in this assignment on Monday. Otherwise the students who did not show up today, will get zero on this assignment. America the Beautiful Assignment was due March 17. –You can still hand it in. Maximum deduction will be 30%. –Last day I will accept it is today.
Copyright 2006 – Biz/ed Market Research
Copyright 2006 – Biz/ed Sampling Methods
Copyright 2006 – Biz/ed Market Research Snowball Sampling –Samples developed from contacts of existing customers – ‘word of mouth’ type approach! –You will choose leaders, who can represent the population.
Copyright 2006 – Biz/ed Market Research Multi-Stage Sampling –Sample selected from multi-stage sub-groups –is a complex form of cluster sampling. –For example, you want to conduct a survey of salespeople for a nationwide retail chain with stores all over the country. –You could randomly select states, randomly select counties in each state, randomly select stores in each county, and randomly select salespeople in those stores.
Copyright 2006 – Biz/ed Market Research Multi-Stage Sampling –Multistage Sampling is a sampling strategy (e.g., gathering participants for a study) used when conducting studies involving a very large population. –The entire population is divided into naturally-occurring clusters and sub- clusters, from which the researcher randomly selects the sample.
Copyright 2006 – Biz/ed Primary Research
Copyright 2006 – Biz/ed Market Research Quantitative and Qualitative Information: –Quantitative Information – based on numbers – 56% of 18 year olds drink alcohol at least four times a week - doesn’t tell you why, when, how –Qualitative Information – more detail – tells you why, when and how!
Copyright 2006 – Biz/ed Purpose
Copyright 2006 – Biz/ed Market Research Advantages of Market Research –Helps focus attention on objectives –Aids forecasting, planning and strategic development –May help to reduce risk of new product development –Communicates image, vision, etc. –Globalisation makes market information valuable (HSBC adverts!!)
Copyright 2006 – Biz/ed Market Research Disadvantages of Market Research –Information only as good as the methodology used. It is critical that marketers use appropriate sampling method and right questions. –Can be inaccurate or unreliable –Results may not be what the business wants to hear! –May stifle initiative and ‘gut feeling’ –Always a problem that we may never know enough to be sure!
Copyright 2006 – Biz/ed Famous Marketing Research Research and choose one marketing research that a company has used in the past. Talk about whether this research is primary research or secondary research. Talk about what type of sampling technique they used. Talk about what they used this research for. Why did they do this research? Did they make a lot of money? How much?