IB Business Management 4.4

advantages of snowballing

Is cost effective as information is obtained through referrals

media articles (secondary market research)

newspapers, and magazines- declining in readership since the internet

disadvantages of stratified sampling

not easy to select relevant strata from a population of similar charcteristics

disadvantages of academic journals

- Contain lots of very specific information for academic interest, may not be good source for general interest topics - The peer review process takes time which may affect the provision of the latest or current event information

Disadvantages of media articles

-difficult to communicate in real time, may be a day behind -process wastes paper and energy

advantages of surveys

- Enable researchers to collect a large amount of data in a relatively short period of time - If designed well, surveys can be administered and completed easily by the respondents - Surveys can be used to collect information on a wide range of aspects including attitudes, preferences, and opinions

disadvantages of surveys

- Poor survey construction/administration can undermine study - Answer choices may not be accurate reflection of how respondent feels - Response rates can bias results -costly and a lot of time, esp for large samples

Advantages of quota sampling

- Quick and cost effective - Findings obtained are usually more reliable than those of Random sampling

Disadvantages of quota sampling

- Results obtained are not always statistically representative of the whole populations - Interviewer may be biased in the selection of interviewees and choose those who will cooperate most in the process

advantages of observations

-direct method, see exactly how people behave -large numbered observed in a short time -cost effective

Advantages of media articles

- Communicating via newspaper is cheaper than television - Most serious articles have been well researched and written with reliable sources (not applicable to most internet articles) - Widely available

Purposes of market research

- To identify consumer needs and wants as well as aim to understand consumers satisfaction levels and patterns in purchase behaviour - To assist a business in predicting what is likely to happen in the future. - To reduce the risk of product failure (especially of new products) by effectively carrying out market research that establishes the likes and dislikes of consumers. - To measure the effectiveness of a marketing strategy. This can be done by assessing or evaluating how a firm implements the activities required by its marketing mix in specific market segments. - To provide current or latest information regarding activity in the market.

Advantages of academic journals

- they undergo a peer review process, increasing reliability - take less time to publish than books - Most academic journals include reports, reviews of current research, and topic-specific information. They are good sources when a firm is in need of original research on a topic

Ethics in Marketing

-Deceptive Practices -Invasion of Privacy -Breaches of confidentiality -objectivity easier to research with the internet, can be public backlash if unethical

benefits of properly collected data

-ability of the resserach to answer accurately the questions posted -ability to repaet and validate a partcular study -increased accuracy of findings resulting in efficient use of rseources -good opprotunity for other reserachers to colect more info -convienience of evalutating better the next time

cluster sampling

-appropiratiate when the population is geographically dispersed seect a group from each region and take a random sample from the clusters

Disadvantages of Observation

-cant get complete answers by observation alone, combine with other methods, such as other questionaires -cant get attitudes or opinions because usually no verbal response

Advantages of Focus Groups

-cheap and easier with small groups -used to measure reaction to a new product or strategy -identify product requirements, need not adressed by business and competitors

quantitative research

-collection of numerical data or data that can be measured -less interpretation -objective -"How many?" -researcher is seperate -one reality -more concise and narrow -measure of things ex- how many shoes were bought in 2013

advantages of interviews

-detailed info about perceptions and opinions with in depth questioning -high response rate bc one on one attetntion, precise wording, tailored to respondent, can calrify the meaning of a question

results from data collection

-need data to be accurate, so use appropirate methids -selecting the appropriate data collection instruments and providing clean insttutions for correct use reduce the liklihood of sampling errors

Disadvantages of Focus Groups

-participants may be hesitant to express opinions -more costly because compensating participants

Surveys (Primary Market Research)

-questionarres sent out to a particular target audience for useful info -different types of questions- yes/no, multiple choice, openended seel consumer opinion on a product or service -BY MAIL, TELEPHONE, ONLINE

Advantages of random sampling

-reduces bias because everyone has an equal chance of being selected -relatively easy way to obtain a sample

Advantages of stratified sampling

-sample selected is more representative of a particular target population

Government publications

Articles produced by the government on a wide variety of topics -population census, social trends, even surveys on consumer expenditure

market analyses

Commercial publications or market intelligence reports that gather data about particular markets -highly detailed reports by specialist research market agents --various local libraries -quite costly -bun, mintel, verdict

disadvantages of cluster sampling

Results obtained may not be representative and may be biased in the cluster sample is obtained from areas where people share similar characteristics

snowballing

Surveying the first group or individual, who then suggests another group or individual -members of the first group use their contacts to refer people to participate -sensitive reaserch can be done -also good for specific products if potential consumers limited

sampling

The process of selecting representative units from a total population

disadvantages of convenience sampling

The sample may be biased and not represent the entire population

disadvantages of snowballing

There is potential for getting a biased sample since contacts and friends sharing similar lifestyles and behaviours may refer to each other.

sample

a small group selected by researchers to represent the most important characteristics of an entire population- reprsent the population of the target market

Secondary market research

aka desk research collection of second hand info from the market, analyze data that already exists -carry out secondary first to get a bigger picture then use primary to fill in the gaps -quicker and cheaper, more readily available -info may be cut out of data for other perposes, may not be reliable

Primary Market Research

aka field research collection of first hand info from the market -find specific buying patterns in customers and anticipate changes in given time -firms can carry out themselves or help of market research agency orgnaization that collects data, will be the first to access it -but expensive, lots of time, and specialized researchers

population

all potential consumers in a market, unfortunately cant survey all though

market research

collecting, analyzing reporting data related to a particular market, including data on comsumption of goods and services and on competitor's behavior -used to make decisions

interviews (Primary Market Research)

conversation during which interviewer asks interviewee questions to gain info one on one, face to face, telephone

qualitative research

data about opinions, attitudes, beliefs, -open to a degree of interpretation -sujective -"why" -researcher is part of the process -multiple realities (focus is complex and broad) -primary ad secondary -collecting analysis and interpreting by observing what people do and say -meanings, definitions, descriptions -focus groups, in depth, interviews ex: why do consumers like these shoes

Advantages of cluster sampling

easy to implement, cost effective

random sampling

every person in the population has an equal chance of being selected -sample selected randomly use of a computer is possible

Advantages of convenience sampling

fast, easy cheap bc reaserch groups readily avaiable

observation (Primary Market Research)

fundamental basic method of watching carefully and trying to understand certain things -some scientific, some not, can be used by supermarket, traffic departments, observe flow of traffic

convenience sampling

groups selected based on easy access and proximity to researcher -in hospital first names on the patient list, students in the cafeteria

Academic journals (secondary market research)

publications of schoalrly articles written by experts -should be well refereced, provide source of info -experts such as professorrs, graduate students, those, with first hand experience -written for providing info, not making money

disadvanatges of random sampling

sample may be too small, not cinsist of the target population, may need larger

quota sampling

segementing a given poluplation into a number of groups that share certain characeristics (mutually exlcusive subgroups) such as age and egnerd -targets then set for the number of people selected from each segment

focus groups (Primary Market Research)

small number of people brought together to discuss specific product or idea -group of individuals should represent customers or a specific segment of cusotmers -in discussion, participants respnd to questions by researchers, freely share opinions, ideas, reactions -may also try a new product -responses viewd and studied to apply t a larger population

stratified sampling

target population made up of many different groups subdivided into strata or segments that share similar characteristics -member from each strata form a represntative sample

disadvantages of interviews

time consuming- set up, carry out, analyze, feedback, report interviewers can be biased and influence responses