market research

• What is bias in data sampling?

  Weighting data towards one side
• What causes statistical bias in a sample?

  Overweighting towards one subgroup
• How can bias be avoided in market research?

  By using random and quota sampling
• What is quota sampling?

  Segmenting population into specific groups
• How does random sampling work?

  Every member has an equal chance of selection
• What is a key difference between random sampling and haphazard sampling?

  Random sampling is systematic, haphazard is not
• What is the purpose of calling three times in random sampling?

  To reach busy individuals at home
• Why do businesses prefer quota sampling over random sampling?

  It is relatively cheaper and easier
• What is a demographic profile in sampling?

  Segmentation based on age or sex
• Why are results from quota sampling not statistically representative?

  They are not randomly chosen
• What is the importance of sample size in market research?

  It needs to be large for statistical validity
• What happens if the sample size is too large?

  Research may take longer and be expensive
• What is a consequence of a sample size being too small?

  Increased chance of inaccurate results
• How does sample size affect large businesses compared to smaller ones?

  Large businesses have an economy of scale advantage
• What does qualitative research aim to gather?

  Opinions and views of consumers
• What type of questions does qualitative research typically ask?

  Open-ended questions about experiences
• What is the purpose of focus groups in qualitative research?

  To gather in-depth consumer opinions
• How does observational research contribute to qualitative data collection?

  It observes shopper behavior in real-time
• What is a challenge of interpreting qualitative research data?

  It can be difficult to analyze findings
• What is quantitative research focused on?

  Gathering information based on facts
• What type of questions does quantitative research typically use?

  Closed questions for data collection
• What is a key benefit of quantitative research findings?

  They lead to objective conclusions
• What is a limitation of quantitative research?

  It fails to encourage continuous investigation
• What is primary research also known as?

  Field research
• What is the purpose of primary research?

  To gather first-hand information relevant to business
• What is a method of primary research?

  Questionnaires and focus groups
• What is the purpose of test marketing?

  To gather customer responses before launch
• What is secondary research?

  Using previously collected information
• What are official publications used for in secondary research?

  To provide data like census reports
• How has internal information become useful in secondary research?

  It helps build customer profiles and spending habits
• Why are businesses increasingly using market research companies?

  To gather data efficiently and cost-effectively
• What is the main priority for businesses regarding market understanding?

  To reduce the expense of launching products
• What is the objective of market research?

  To collect information about customers and competitors
• What does market research help businesses discover about customers?

  Needs, motivations, and spending willingness
• How does market research help understand market structure?

  By identifying market segmentation and differences
• What is extrapolation of trends in market research?

  Predicting future sales based on demand
• What does market research assess regarding promotion campaigns?

  Effectiveness of previous campaigns
• Why is it important to monitor competition in market research?

  To understand competitors' strengths and weaknesses