Market Research: Primary And Secondary Data, Standard Deviation, Co-relation Essay.

Data Collection: Primary and Secondary Data

1. Outline two ways of processing market research data. 607 Manage market research Provide answers to all of the questions below: sessment Task 1 Instructions
2. Outline the term standard deviation and its use in analysis of market research data.
3. Outline the use of correlation analysis in market research. Give an example to illustrate your answer.
4. Explain two issues that should be considered in the design of a market research project to ensure that budget constraints and limited resources are met.
5. Outline three differences between qualitative and quantitative research with regard to market research objectives, sample size and data collection and analysis methods.
6. Explain the importance of sample size in market research.
7. Discuss two common approaches to determining sample size and the merits or otherwise of the approach.

8. Explain probability and non-probability sampling.

9. Outline how hypotheses are developed and used in market research.
10. Explain why market research is beneficial for growing a business and give two examples to illustrate your answer.
11. Explain the following types of market research and the circumstances in which a business may use them:
a. Exploratory research

b. Ethnography

c. Causal research

12. Discuss three advantages and disadvantages of in-depth interviews in market research.
13. Explain the use of a questionnaire as a survey instrument in market research and the importance of testing a questionnaire prior to using it
14. Explain the importance of valid and reliable market research data.

15.Discuss three advantages and disadvantages of focus groups in market research.

16.Outline the key steps in a policy and procedure development process.
17.Identity two methods of consulting with stakeholders within a project. Compare and contrast each of the methods you identify.
18. Outline PERT and CPM project management techniques and explain the different circumstances in which they are best used.
19. Compare and contrast two methods that can be used to measure project outcomes and progress and provide example to illustrate your answer.
20. Explain two different methods that an organisation can use to engage consultants for market research.
21 Identify and outline five examples of legislation and regulations that can apply to marketing operations.
22. Outline the purpose and scope of the Market & Social Research Privacy Code?
23. Outline three important behaviours that a market researcher should observe to ensure the Market & Social Research Privacy Code is upheld.
24. Discuss the impact of economic trends on market research.
25. Identify a social trend that may impact on market research and discuss its impact.

26. Outline marketing industry trends and how this impacts on choosing media options for marketing communication.

 1) Data can be collected in relation to market research with the help of primary and secondary data. The primary data is collected at first hand by the researcher and it helps in assessment of the current problem (Brace, 2018) The secondary data refers to data that has been already collected and which are easily available.

2) Standard Deviation is used for measuring dispersion around that of an average. It proves to be a measure in relation to volatility. It refers to the difference between actual and that of average value (McQuarrie, 2015).  It can help in measuring the deviation from that of the mean that proves to be an important statistic in relation to marketing research.

3) Co-relation analysis refers to a method pertaining to statistical evaluation that can help in studying strength of the relationship between that of two variables. It can help the researcher in analysing whether it is possible to have connections between the variables. The Pearson product-moment co-efficient can help in measuring co-relation and its ranges (Malhotra & Peterson, 2014).

4) There are certain aspects of the project that can be re-assigned to the staff members instead of being contracted out. This can prove to be immensely helpful in meeting the budget constraint and the budget constraints should be communicated to the contractors along with vendors (Rothschild, 2014).  The efficiencies should be resolved in relation to workplace structure that can help in the alleviation of time along with cost.

5) Quantitative research can help in generating numerical data or any other kind of information which can be converted into numbers. Qualitative research can help in providing detailed description pertaining to the research topic. The qualitative research takes recourse to observation and visual analysis for the purpose of data collection. The data is collected in quantitative method by the help of experiments and recording of well-defined events.

6) Sample size plays an important role in relation to research as it can help in influencing the research outcome. A good sample can help in producing accurate results and the inferential statistics can help in reaching at a conclusion (Tulung & Ramdani, 2018).

7) Statistical approach can be taken recourse to for identification of the sample size and the qualitative factors should be taken into consideration while determining that of the sample size (Mooi, Sarstedt & Mooi-Reci, 2018).  The statistical data is generally cheap and the patterns are visible. Formulas can be made use of for the calculation of the sample size and tables can prove to be useful for determining the sample size.

Standard Deviation

8) Probability sampling refers to a sampling technique where the subjects of population gets the equal opportunity of being selected as the representative sample. Non-probability sampling on the other hand is a method in which it is unknown which individual shall be selected as that of the sample (Mahmoud, 2015).

9) The problem statements become the research hypothesis in the event of operationalizing of the constructs. The initial ideas along with observations give rise to statement of problem. It can lead to the formation of research hypothesis that can be called a specific deductive prediction.

10) Business market research refers to the process of collection of data that can help in determining whether the product or the service have been able to meet the needs of consumers. With the help of effective market research, the company can get valuable information regarding their competitors along with their economic shifts (Li, 2016).

11) Exploratory research can help a business in discovering ideas along with insights. Exploratory research can help a business in the initial stage and it can help in defining the issues related to the company. Ethnographic research can be used in business and it can help the company in meeting with the clients face-to-face. Causal research can help the business into investigating into an issue that focuses on the effect of one thing on that of another (Roztocki & Weistroffer, 2015).

12) Face-to-face interview help in the process of accurate screening and the individual is often unable to give false information. It can help in capturing verbal along with non-verbal cues. The interviews help in capturing the raw emotions along with behaviour of the interviewee. Cost is a disadvantage pertaining to interview. Quality of data is dependent on ability of interviewer.

13) Questionnaire as a survey instrument can prove to be cost-efficient. They can help in the gathering of quantitative data. Online along with mobile surveys have got very low cost and they have got a generous reach. Pre-testing of a questionnaire survey is essential as it can help in gauging the reactions of the respondents (Yin & Kaynak, 2015).

14) The importance of validity and reliability of market research data is on account of the fact that marketing research wants to collect data that is correct. The entire purpose will be lost if the market research it not valid. It will prove to be disastrous for the growth of the business. Valid market research is an important cause for the success of the company.

Co-relation Analysis

15) The advantages of focus groups in relation to market research is that it can help in achieving detailed information regarding the personal along with group feelings. It can help in saving time along with money as compared to that of individual interviews. It can help in providing large amount of information. The disadvantage of focus groups lies in the fact that it can prove to be hard for controlling along with managing (Brace, 2018). It can prove to be tricky for analysis and there can be disagreements.

16) A sound market research policy can be built by reading the policy documents that are created by organisation. Legislation should be researched over the internet that can help the company in building the policy along with procedures. The problem should be identified in the beginning that necessitates development in relation to the policy. A person should be appointed who can help in the co-ordination of the policy development process. The policy development process should be established by conducting research.

17) The stakeholder consultation can be done with the help of focus groups or workshops. It is on the basis of a small group of people who are selected so that they can discuss on a single topic. Facilitators can assist in the process of discussion by making use of a topic guide (Yin & Kaynak, 2015). They also record the session for ensuring that information is collected in relation to all kinds of opinions.

18) PERT is a project management technique that is used for managing uncertain activities in relation to a project. CPM is indicative of a statistical technique that can help in managing the well-defined activities in relation to a project. PERT is a technique that is used to plan and control. CPM is used for controlling cost along with time.

19) The evaluation of the success of a project can be assessed by measuring that of customer satisfaction. The clients cannot always articulate properly what they want and it is the job for the business of finding out what they are actually looking for and providing the service or the product. The higher number of people availing a particular service of a business points forward to the success of the project. Survey can act as a useful tool that can help in understanding about the opinions of a group of people after the completion of a project. The reactions of the people whose survey was taken can serve as a useful measure of success in relation to a project.

Re-assigning Project Aspects

20) A consultant should have good amount of knowledge about the particular service that the business offers. He should be knowledgeable and should be confident about his advice and decisions. He should have qualification in the particular field of business that can help him in serving the company.

21) The process of marketing should not indulge in any kind of deceptive conduct while doing the promotion of the products along with services. The handing out of brochures will require permit from that of territory government. A permit form should be downloaded from ABLIS website (Roztocki & Weistroffer, 2015).

22) The Market and Social Research Privacy Code can help in protecting the market and it acts as an important contributor in relation to the social and economic well-being of the Australians. The success of a product or service in the market depends on willing cooperation of public along with the business community.

23) A market researcher has to ensure that Market and Social Research Privacy Code has been upheld and he has to see to it that honesty and objectivity have been maintained in relation to the products and services. It can help in providing the business community with assurance that can help in encouraging willing participation within social research activity.

24) The economic landscape can offer great amount of financial opportunities in relation to a business. Foreign investment can help in fostering local growth. The accelerated economic growth gets translated into that of increased manufacture spending (Li, 2016). It can help in fuelling the demand in relation to Australian commodities.

25) Knowing about the social trends can help the business in relation to targeting the marketing efforts and it can help in tailoring the products so that it can fit into the shifting landscape. Social trends like immigration can play a pivotal role in influencing demographics in relation to customer base.

26) Brands are making effort so that they can connect with the audiences across different social platforms. The competition has increased in the present age and the attention span of the individuals in the society has decreased to a great extent. The business in the present age takes recourse to social media websites like Face Book and Instagram so that they can get the attention of the common people.

References:

Brace, I. (2018). Questionnaire design: How to plan, structure and write survey material for effective market research. Kogan Page Publishers.

Li, X. (2016). Emerging-market research: New bottles and new wine?. Journal of Travel Research, 55(4), 419-426.

Mahmoud, O. (2015). Book Review: Misbehaving: The Making of Behavioral Economics.

Malhotra, N. K., & Peterson, M. (2014). Basic marketing research. Pearson.

McQuarrie, E. F. (2015). The market research toolbox: a concise guide for beginners. Sage Publications.

Mooi, E., Sarstedt, M., & Mooi-Reci, I. (2018). Data. In Market Research (pp. 27-50). Springer, Singapore.

Rothschild, A. R. (2014). U.S. Patent No. 8,645,211. Washington, DC: U.S. Patent and Trademark Office.

Roztocki, N., & Weistroffer, H. R. (2015). Information and communication technology in transition economies: An assessment of research trends. Information Technology for Development, 21(3), 330-364.

Tulung, J. E., & Ramdani, D. (2018). Independence, Size and Performance of the Board: An Emerging Market Research.

Yin, S., & Kaynak, O. (2015). Big data for modern industry: challenges and trends [point of view]. Proceedings of the IEEE, 103(2), 143-146.