Market Research

My definitions for types of market research & sampling

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Market Research
Sample: a group of respondents whose views should be representative of the target
market as a whole.
Random Sample: a group of respondents in which each member of the target
population has an equal chance of being chosen
Quota Sample: a group of respondents compromising several different segments.
Interviewees are selected non-randomly by the interviewer.
Stratified Sample: a group of respondents who are selected according to particular
features, groups are chosen specifically
Qualitative: Benefits:
A business can gain greater insight into what it needs
to do
Can provide ideas that the company was not aware of
Gives insight into what the customers are thinking
when they buy the product
Drawbacks:
Can be difficult to compare with other data as the
information can be unstructured
Expensive to gather and may require skills to interpret
the data
Due to this it is usually done on a small scale.
Quantitative: Benefits:
Numerical data can be used to identify trends and to
predict future trends
The numerical data allows the information to be
compared with other data
It summarizes the data in a concise way
Drawbacks:
Only shows what ­ doesn't explain why
Can lack reliability and validity if the sample is bias or
too small

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