Questions of marketing research

Question1. Outline two ways of processing market research data.

Market research is a procedure to get information from customers to make high volume of sales
of a product. There are two basic ways of processing market research, one is quantitative &
qualitative. Quantitative research includes phone, mail, internet and interviews. This research is
conducted in large groups. Qualitative research is conducted on small group. It is divided into
further two parts; one is focus on groups and second is focus on one on one.

Question2. Outline the term standard deviation and its use in analysis of market research
data.

Standard deviation term is called the measure of dispersion of a set of data from its mean. In
market research, standard deviation help to measure the risks involved in investments. It
provides the mathematical details to investors, which make them able to decide what flow of
financial market is and where investments should be made. It normally used to deal stocks,
mutual funds, ETFs and others.

Question3. Outline the use of correlation analysis in market research. Give an example to
illustrate your answer.

Correlation analyses are a method which can be used to analyse the extent and nature of
relationship between two differ variables. This analyses help to know the nature of relationship
between two variables individually. How It is used for market research we can check from this
example if someone want to analyse the impact of foreign direct investment (FDI) on economic
growth level in specific area, then two variables can be specified as the amount of foreign direct
fund (FDI) and GDP for same period.

Question4. Outline three differences between qualitative and quantitative research with
regard to market research objectives, sample size and data collection and analysis methods.

Research objectives:
Qualitative: Research is open, without any structure
Quantitative: Planned in advance and closed structured

Data Collection:

Qualitative: Soft data collection

Quantitative: Hard Objectives and standardized data

Type of analyses:

Qualitative: Case based and prospective

Quantitative: Variable based and mathematical & Statistical

Question5. Outline how hypotheses are developed and used in market research.

Hypotheses are a simple but specific testable prediction. To develop hypotheses need to know
what is your question on which topic and then we will get all detailed information on that topic
and will make some guess at the answers. When we will answer of a question that what will be
happened in tomorrow test? We are developing hypotheses. In market research when we make
formal and informal research and make predictions on base of these observations we are using
hypotheses in market research.