1. 1.5 Conducting start-up market research

2. Candidates should be able to: define market research explain the difference between primary and secondary research differentiate between qualitative and quantitative research describe three sampling methods analyse the factors influencing sampling methods

3. 1.5 Market research What is market research? Market research is the process of gathering and analyzing i___________ about c____________ needs and the nature of the market.

4. 1.5 Secondary research Secondary research

5. 1.5 Secondary market research Sources of secondary research:

6. 1.5 Secondary market research Advantages of secondary research: Disadvantages:

7. 1.5 Primary research Primary research

8. 1.5 Primary research methods

9. 1.5 Primary market research Advantages of primary research:

10. 1.5 Primary market research Disadvantages:

11. 1.5 Quantitative versus qualitative data Quantitative data is _________ data e.g. It can be collected by questionnaire, telephone surveys or online surveys It shows _______ is happening e.g. It provides data that can be

12. 1.5 Quantitative versus qualitative data Qualitative data is information about _____________________________. It can be collected by in-depth interviews or group discussions. It explains ______ things happen e.g.

13. 1.5 Sampling methods You will be unable to ask everyone (unless you have a very, very small niche market!) and so you will need to sample (choose a selection). The sample needs to be r___________ of the population. The larger the sample the more accurate the results, the greater the confidence in the findings but __________________

14. 1.5 Sampling methods Sampling methods are: Random sampling Quota sampling Stratified sampling

15. 1.5 Sampling methods Random sampling – every member of the population has an equal chance of being selected. E.g. the Can use – Difficult to do in practice e.g.

16. 1.5 Sampling methods Random sampling – The size of the sample will determine the accuracy of the data. What is the problem if the sample is too small? What is the problem if the sample is very big?

17. 1.5 Sampling methods Quota sampling – aim is to reflect the characteristics of the market. E.g. if you know that 25 per cent of your buyers are men, you would recruit one man for every three women within your sample.

18. 1.5 Sampling methods Quota sampling is a far cheaper method of recruitment than random sampling. However, because it is not random this method may not necessarily be as accurate. Can be easier provided the quotas are not too complicated

19. 1.5 Sampling methods Stratified sampling: selection chosen randomly from a sub-group It is random within the appropriate group so easier and cheaper than a full random sample

20. 1.5 Factors affecting choice of sampling methods