Sampling

Question 1

What is Market research?

Answer 1

Information that helps explain the size structure and nature of a market

Question 2

What is primary research ?

Answer 2

Also known as field research , is collected specific to a business and you collect it yourself.

Question 3

Pros + cons of Primary research

Answer 3

•Specific needs are met
•Up-to-date

•Expensive
•Time-Consuming

Question 4

What is secondary research?

Answer 4

Also known as desk research, information that already exists

Question 5

Pros + cons of secondary research

Answer 5

• Available/accessible
•Cheap

•May be out-of-date
•May be unreliable

Question 6

What is qualitative research ?

Answer 6

Based on opinion(what? How? Why?)

Question 7

Pros + cons of qualitative research

Answer 7

•Useful insights
•Identify new approaches + ideas

•Expensive
•low amounts collected

Question 8

What is Quantitative data?

Answer 8

Provides insights on numerical data

Question 9

Pros + cons of Quantitive data

Answer 9

•Easy to analyse
•Easy to spot trends

•time consuming
•expensive

Question 10

What is random sampling?

Answer 10

Is data picked randomly

• Low bias

• Expensive for large sample sizes

Question 11

What is quota sampling?

Answer 11

Is sampling that is segmented to alike characteristics

•Can find target market

•Takes time
•Can be biased

Question 12

What is stratified sampling ?

Answer 12

Data chosen randomly at a specific section of the population

•Lower bias