Market Research: Methods, Techniques, and Importance

Running head: MARKET RESEARCH
Market Research
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1MARKET RESEARCH
Answer 1) Data can be collected in relation to market research with the help of primary and
secondary data. The primary data is collected at first hand by the researcher and it helps in
assessment of the current problem (Brace, 2018) The secondary data refers to data that has
been already collected and which are easily available.
Answer 2) Standard Deviation is used for measuring dispersion around that of an average. It
proves to be a measure in relation to volatility. It refers to the difference between actual and
that of average value (McQuarrie, 2015). It can help in measuring the deviation from that of
the mean that proves to be an important statistic in relation to marketing research.
Answer 3) Co-relation analysis refers to a method pertaining to statistical evaluation that can
help in studying strength of the relationship between that of two variables. It can help the
researcher in analysing whether it is possible to have connections between the variables. The
Pearson product-moment co-efficient can help in measuring co-relation and its ranges
(Malhotra & Peterson, 2014).
Answer 4) There are certain aspects of the project that can be re-assigned to the staff
members instead of being contracted out. This can prove to be immensely helpful in meeting
the budget constraint and the budget constraints should be communicated to the contractors
along with vendors (Rothschild, 2014). The efficiencies should be resolved in relation to
workplace structure that can help in the alleviation of time along with cost.
Answer 5) Quantitative research can help in generating numerical data or any other kind of
information which can be converted into numbers. Qualitative research can help in providing
detailed description pertaining to the research topic. The qualitative research takes recourse to
observation and visual analysis for the purpose of data collection. The data is collected in
quantitative method by the help of experiments and recording of well-defined events.

2MARKET RESEARCH
Answer 6) Sample size plays an important role in relation to research as it can help in
influencing the research outcome. A good sample can help in producing accurate results and
the inferential statistics can help in reaching at a conclusion (Tulung & Ramdani, 2018).
Answer 7) Statistical approach can be taken recourse to for identification of the sample size
and the qualitative factors should be taken into consideration while determining that of the
sample size (Mooi, Sarstedt & Mooi-Reci, 2018). The statistical data is generally cheap and
the patterns are visible. Formulas can be made use of for the calculation of the sample size
and tables can prove to be useful for determining the sample size.
Answer 8) Probability sampling refers to a sampling technique where the subjects of
population gets the equal opportunity of being selected as the representative sample. Non-
probability sampling on the other hand is a method in which it is unknown which individual
shall be selected as that of the sample (Mahmoud, 2015).
Answer 9) The problem statements become the research hypothesis in the event of
operationalizing of the constructs. The initial ideas along with observations give rise to
statement of problem. It can lead to the formation of research hypothesis that can be called a
specific deductive prediction.
Answer 10) Business market research refers to the process of collection of data that can help
in determining whether the product or the service have been able to meet the needs of
consumers. With the help of effective market research, the company can get valuable
information regarding their competitors along with their economic shifts (Li, 2016).
Answer 11) Exploratory research can help a business in discovering ideas along with
insights. Exploratory research can help a business in the initial stage and it can help in
defining the issues related to the company. Ethnographic research can be used in business and
it can help the company in meeting with the clients face-to-face. Causal research can help the