Market Research Solved Assignment
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Added on 2021-02-22
Market Research Solved Assignment
Added on 2021-02-22
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MANAGE MARKETRESEARCH
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3TASK 2............................................................................................................................................7TASK 3............................................................................................................................................9TASK 4..........................................................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONMarket research refers to as an activity in which the company studies the whole marketand all its components. In the present report a market research is conducted for NatureCarecompany of Australia.TASK 11.Data processingThe two method of processing the market research data are as follows-Manual data processing- it includes analysing the data with the human efforts only. Here humanbeing processes the data, classifies it in common group and then evaluate it (Hannington, 2016).Electronic data processing- in it the data is entered into a software and every evaluation is doneautomatically and conclusions are drawn.2.Standard deviation and useIt is a tool which outlines the fact that all the outcomes deviate from the mean in whatquantity. The standard deviation is used by the market researcher as it helps it very much. Forstudying the market and the sample standard deviation is used to calculate the difference.3.Correlationit refers to the relation which exist between the two variables. In market research theenvironmental factors and other macro factor are related to one another. Change in one elementbrings change in other. So it is very necessary to study the correlation between them.4.Designing market researchIt is very necessary to study the resources and budgets before designing market research.This is important because of the reason that without these two things not a single work relating tothe research can be done.5.DifferenceQualitativeQuantitativeIt aims at researching with the help of study ofattributes, characteristics.This research aims at studying numbers and byapplying some qualitative and statistical tools.Here no sample is taken as it is based onqualities and attributes which are different ofevery person.Here the sample is the most important partbecause all the results are based on sample.
6.SampleIt refers to a portion of whole population. Since the population is large so a small samplethat is a small portion of whole population is selected and study on it is done (Mittal andGroening, 2016). Sample is important because it makes easy to draw conclusion from a smallpart as compared with whole population.7.Determining sample sizeRandom- it is a method in which randomly a sample is selected and is processed andanalysed to draw conclusions for whole population.Stratified sampling- it is easier and convenient as in this technique the population isdivided into common groups based on similar characteristic. Then from these groups somesamples are taken and studied.8.SamplingProbability sampling is a type of technique within which the sample is selected on basisof probability that is every component of population has equal chance of getting selected.Non-probability sampling is a type of sampling within which the population does not have equalopportunity of getting selected.9.HypothesisThese refers to an assumption or a statement of problem which needs to be tested in orderto validate the statement. In market research making hypothesis is very crucial because the wholeresearch is done to prove the hypothesis correct.10.Importance of market researchConducting market research is very crucial because the business exist in a market whichis very dynamic and ever- changing. So to study these changes and its impact on the business itis very important to do market research (Reeves, 2018). For example if company uses 4 P's pfmarketing and it not do market research then it will not be able to know that the 4 P's have beenexpanded and converted into 7 P's of marketing.11.Market research and its useExploratory research- it is a research wherein the problem is defined and is investigatedin full. This type of market research is helpful because it helps in solving the problem statement.Ethnography- it is a qualitative method used to observe and interact with the participantsin their real life environment.
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