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market research - Coggle Diagram
market research
Purpose?
Businesses use the information they gather to design new products and modify existing ones. This approach helps to maximise the potential success of products and services.
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the market itself (size and make-up – i.e. age, gender, income, tastes)
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Quota labelling
Quota sampling is a sample that has been created to mimic the characteristics of a market. The researcher will choose the characteristics they wish the
respondents to have. For example, only sampling males who are over 50 years old.
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Comparison in random and quota
Random sampling does not target any specific
market segment. Quota sampling chooses a group of people with certain characteristics Random needs a lot of people and gets expensive while quota does not
types of market research
desk research
research on business website, government reports, newspaper about the business and look at the sales figures.
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field research
doing an online survey, face to face conversation, hall test and focus groups and also observations plus postal surveys.
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sampling-the process of creating a small unbiased population to be used in a test or experiment. The sample removes the impractical idea of surveying everyone in a market or a population.
Random sampling-Random sampling is when a sample is created by chance. It is the luck of the draw. Random sampling does not target any specific market segment. The people to be included in the sample are generated at random. This could be done by using a computer program or taking names from a list or telephone book.
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