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Market Research - Coggle Diagram

- - - - Quota sampling: In Quota sampling the population is divided into strata. Then the required number of respondents from each strata is chosen
      - Stratified sampling: The population is divided into smaller strava, then subjects would be picked from each strava
    - - Benefits
        
        Small sample can give useful insight into a market
        
        Reduce costs and risks
        
        Saves money (the whole customer range isn't considered)
        
        Flexible and quick (benefit for gaining competitive advantage)
      - Drawbacks
        
        difficult to locate suitable respondents
        
        Risk of bias
        
        Unrepresentative of population =>Wrong conclusions
        
        Less useful in fast changing market (Music industry)
- - - - Benefits
        
        Directly focused on objectives
        
        Private, not publicity available
        
        More detailed insights
      - Drawbacks
        
        Time-consuming and costly to obtain
        
        Risk of bias
        
        Sampling may not be representatives
    - - Quantitative data
        
        Concerned data, statistic
        
        Main methods: telephone postal, face to face
      - Qualitative data
        
        Based on opinions, attitudes, beliefs and intentions
        
        Main methods: Focus groups and interviews
  - - - Benefits
        
        Often free and easy to obtain
        
        Good source of market insights
        
        Quick to access to use
      - Drawbacks
        
        Can quickly become out of date
        
        Not specific
        
        Specialist reports often quite expensive
    - - Trade associations
      - Trade press and magazines
      - Government departments
      - Competitor websites and marketing materials
      - Google
      - market research reports
- - - - Positive: As one variable increases so the other one also increases
      - Negative: As one variable increases, so the other one decreases