Chapter 52, Identifying customer needs: market research Analysis Flashcards Preview

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Flashcards in Chapter 52, Identifying customer needs: market research Analysis Deck (15):
1

Sampling Methods

- simple random sampling
- systematic sampling
- Quota sampling
- convenience sampling
- Stratified sampling
- Cluster or multi-stage sampling

2

Simple random sampling

members randomly selected from a list of the population, every member has an equal chance of selection

3

Systematic sampling

every 'nth' element from the list is selected from a randomly selected starting point

4

Quota Sampling

involves splitting the population into 'subgroups' according to their distribution in the population

5

Convenience Sampling

uses the people who came to hand most easily for example people passing by in the street

6

Stratified Sampling

involves splitting the population into subgroups and then carrying out random or systematic sampling within each subgroup. Proportionate and Disproportionate

7

Cluster sampling

randomly selection subgroups of the population

8

Reasons for sampling errors

- false answers
- if the respondant is in a hurry

9

Sampling error

the differnce between the mean value and the actual or true value

10

Mean value

avearage

11

Standard deviation

measures how spread out your data is compared to your mean. each value will be compared to the mean and if it is less than the mean it will be a negative number and if it is more it will be positive

12

Market segmentation

differnt groups of people within a market identified by characteristics or needs. Age, geography, gender, social class, residence, religion or ethnic group

13

Market Segmentation

Market Share = sales volume of business / sales volume of whole market x 100

14

Market Growth

Market Growth = Increase in total sales / original sales volume x 100

15

Factors affecting buyer behaviour

- Income
- Consumer confidence
- Advertising
- shop layout (impulse buys)
- Fashion trends