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Q&A

Q1: why is it so important to ensure that all stakeholders are consulted in planning market research? It is important to consult all stakeholders in planning market research because the beliefs, attitudes and behaviors of stakeholders hold strategic importance for a company. Word of mouth feedback from stakeholders is paramount in decision making and involvement of stakeholders ensures that all parties related directly or indirectly to the business are satisfied. Q2: What are the four types of information obtained from market research? The four types of information which can be gathered from Market research are: a) b) c) d) Best practices Information about clients, competitors and stakeholders Forecasting Strategic planning

Q3: List Five methods of conducting market research a) b) c) d) e) Surveys Focus Groups Personal interview Observation Field Trials

Q4: What does SMART Stand for? S: specific M: measurable A: Action Oriented R: Realistic T: Time Based Q5: What is primary Data? Primary data is original or firsthand data collected by a researcher for a specific problem at hand. It is unique to the problem understudy and thus gives better and specific results. Q6: What is secondary Data?

Secondary data sources are reliable literary and academic works which have been compiled for some other purpose but provide information for the problem at hand as well. These are; books, journals, reports, press releases, etc. Q7: List 3 differences between Qualitative and quantitative data Qualitative Data a) Data is descriptive b) Data can be observed but not measured. c) Examples: Colors, textures, smells, tastes, appearance, beauty, etc. Quantitative Data a) Data is numerical b) Data can be measured c) Examples: Length, height, area, volume, weight, speed, time, temperature, humidity, sound levels, cost, members, ages, etc. Q8: what is the purpose of sampling? The purpose of sampling is to gain understanding about the population. Sampling is done because it is cheaper, quicker and more convenient than a consensus of the whole population. A representative sample gives valuable insights into the population without the limitations. Q9: What is sample design? Sample design is the procedure used in collecting data. Such as simple random sampling, systematic sampling stratified sampling, cluster sampling etc. Q10: Why is it important to test a questionnaire? Pretesting allows the researcher to observe and remedy any glitches, problems, or drawbacks in the questionnaire. It allows remedy of anything which can impede the ability of the questionnaire in collecting data. Q11: What are the three aims of the market and social research privacy code? 1. To facilitate the protection of identified information provided by, or held in relation to, the participants or subjects of market and social research; 2. To enable quality research to be carried out, so as to provide accurate information to government, commercial and not for profit organizations to support their decision making processes;

3. To allow market and social research small business operators that are otherwise not subject to the Privacy Act 1988 (Commonwealth) to benefit from compliance with industry best practice in relation to the handling of identified data.

Q12: What are the three important behaviors a researcher must observe? 1. Researchers must not, whether knowingly or negligently, act in any way that could bring discredit on the market research profession or lead to loss of public confidence. 2. Researchers must always strive to design research which is costefficient and of adequate quality, and then to carry this out. 3. Researchers must not undertake nonresearch activities (e.g. telemarketing, list building) and research activities simultaneously.