Market research-sampling method
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This document discusses various sampling methods for market research including random sampling, stratified sampling, quota sampling, cluster sampling, and snowball sampling. It also discusses primary research methods like surveys and interviews which directly collect information but are more expensive. Both quantitative and qualitative research methods are covered, with quantitative focusing on numbers and qualitative providing more detailed insights into why, when, and how. The purpose and advantages of market research are given as helping with planning, reducing risks, and communicating an organization's message, though disadvantages include potential inaccuracies and results that go against a business's preferences.
Market research-sampling method
- 1. Sampling Method for Market Research MARKETING INTELLIGENCE
- 5. Sampling method Random Samples – equal chance of anyone being picked May select those not in the target group – indiscriminate Sample sizes may need to be large to be representative Can be very expensive
- 6. Stratified or Segment Random Sampling Samples on the basis of a representative strata or segment Still random but more focussed May give more relevant information May be more cost effective
- 7. Quota Sampling Again – by segment Not randomly selected Specific number on each segment are interviewed, etc. May not be fully representative Cheaper method
- 8. Cluster Sampling Primarily based on geographical areas or ‘clusters’ that can be seen as being representative of the whole population Multi-Stage Sampling Sample selected from multi-stage sub-groups Snowball Sampling Samples developed from contacts of existing customers – ‘word of mouth’ type approach!
- 10. Primary Research First hand information Expensive to collect, analyse and evaluate Can be highly focussed and relevant Care needs to be taken with the approach and methodology to ensure accuracy Types of question – closed – limited information gained; open – useful information but difficult to analyse
- 11. Quantitative and Qualitative Information: Quantitative – based on numbers – 56% of 18 year olds drink alcohol at least four times a week - doesn’t tell you why, when, how Qualitative – more detail – tells you why, when and how!
- 12. Purpose
- 13. 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!!)
- 14. Disadvantages of Market Research Information only as good as the methodology used 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!