Manage Market Research Report

Running Head: Manage Market Research
MANAGE MARKET RESEARCH

Manage Market Research
Table of Contents
Assessment Task 1 2
Assessment Task 2 8
Assessment Task 3 10
Assessment Task 4 11
References 12
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Manage Market Research
Assessment Task 1
1. Outline two ways of processing market research data.
Ans: Two ways of processing market research data which will be helpful in having a clear
evaluation of mass data and giving shape to research work are tabulation of data and coding
data (Wedel & Pieters, 2017)
2. Outline the term standard deviation and its use in the analysis of market research data.
Ans: Standard deviation is a format of measurement to understand the variation in the
distribution or set of data. Standard deviation is utilised in market research to understand the
statistical depression and the closest values during data evaluation.
3. Outline the use of correlation analysis in market research. Give an example to
illustrate your answer.
Ans: Correlation analysis in market research is used to understand the systematic change in
one variable which could either be positive or negative. For example, if a positive correlation
exists it will suggest that the variable increases simultaneously which is vice versa in case of
negative correlation (Tulung & Ramdani, 2018).
4. Explain two issues that should be considered in the design of a market research
project to ensure that budget constraints and limited resources are met.
Ans: The first issue is to calculate the perfect estimation of the total amount of the project so
that there are very small amounts of rectification needed at the time of execution. The second
is to use proper techniques for making the most out of a particular material which are needed
to be made available for the project.
5. Outline three differences between qualitative and quantitative research with regard to
market research objectives, sample size and data collection and analysis methods.
Quantitative data isn't countable. It's lumps of content, photographs, recordings, etc.
Quantitative information can be considered numerical.
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Manage Market Research
Quantitative information is typically unstructured, which implies it's not requested or
assembled consistently in comparison to other techniques (Bryman, 2017).
More often than not subjective information will be gathered from a little example size than
quantitative information, on the grounds that for the most of the part one is not searching for
measurable centrality with subjective research.
6. Explain the importance of sample size in market research.
In the context of research process sample size is necessary to provide accurate values to the
accumulated information. With the help of sample size appropriate determination of the
information can be acquired (Hanington & Martin, 2019).
7. Discuss two common approaches to determining sample size and the merits or otherwise of
the approach.
There are various approaches to determine the sample size such as ,
● Census for small population
● Application of formulation for calculating the sample size
Systematic sampling is considered as another effective approach to determine the merits.
8. Explain probability and non-probability sampling.
Probability sampling method is an effective technique that is used to choose a sample from
the larger population.
On the other hand, Non-probability sampling method is used in order to demonstrate that a
particular trait does exist in the large population.
9. Outline how hypotheses are developed and used in market research.
Well-structured hypotheses are developed in order to identify if the insights are going to be
proved or disproved. The hypothesis is used in a statement manner. It must have logical
consistency and must be stated in a clear manner (Jiang, Scott & Ding, 2019).
10. Explain why market research is beneficial for growing a business and give two examples
to illustrate your answer.
Market research is beneficial for growing business as it helps to comprehend the demands of
the consumers and it helps the company managers to identify various business opportunities
(Lindgren, 2019).
For example, by conducting market research organizational competition can be identified.
For instance, it helps to minimize losses
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