Assessment Task 1 Instructions
Provide answers to all of the questions below:
1. Outline two ways of processing market research data. (20 words)
- Define the objective of the project. Understanding the key business problem by defining
the goals of the project.
- Collect and analyse data. All data (answers, choices, and observation) being collected
and analysed, structured in properly spreadsheet form.
2. Outline the term standard deviation and its use in analysis of market research data. (50
words)
Standard deviation is a useful tool in investing and trading strategies, it helps measure market
and security volatility. The standard deviation also common to create the prediction of the per-
formance trends by analysing the high or low standard, and it will be used to make decision
regarding the objective and in taking the risk.
3. Outline the use of correlation analysis in market research. Give an example to illustrate
your answer. (50 words)
Correlation analysis is a method of statistical evaluation used to study the strength of a rela-
tionship between numerically measured and continuous variables. It’s useful to establish if
there are possible connections between variables.
Basic example is height and weight, taller person tend to be heavier and vice versa.
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. (100 words)
Lack of project information: We have to fully understand and have a good knowledge regard-
ing the project. Lack of information could cause a big issue in communication and hard to find
a relatable and appropriate resources.
5. Outline three differences between qualitative and quantitative research with regard to
market research objectives, sample size and data collection and analysis methods.
(100 words)
Qualitative
• Research within focus groups, interviews, reviews
• Text based (reports, documents)
• Usually provides more information about the research
Quantitative
• Research within surveys, observations and reviewing documents for numeric information
• Number based (statistics, graphs, pie charts)
• Usually provides less information about the research
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, 6. Explain the importance of sample size in market research. (30 words)
Sample size is important, it indicates number of participants or observants in a market re-
search, and produce correct number of data or supply. It also gives conclusion and valid per-
centage to its results.
7. Discuss two common approaches to determining sample size and the merits or other-
wise of the approach. (100 words)
• Margin of errors: it is a range in which the true value of the population is estimated to be.
The confidence of interval determines how much higher or lower than the population
mean.
• Population size: analyse the total number of people in the market - based on demographic
area. If its a different area or state, it will shows a different data, due to its difference inter-
est which influence the data or statistic of various states.
8. Explain probability and non-probability sampling. (40 words)
Probability Sampling
• You have a complete sampling (You have the entire population ’s contact information
• Can be more expensive and time consuming
• Results can be generalised based on a random sample
Non-probability Sampling
• When there isn’t sampling available (Doesn’t have contact with population)
• More convenient and less expensive
• More effective in generating ideas and getting feedback
9. Outline how hypotheses are developed and used in market research. (80 words)
Hypothesis are associate with the research objective. Whether it is a positive or negative rela-
tionship between two variables. The hypothesis could includes the customer experience or
performance of the company in the industry. It can help to gain more knowledge in which area
should we have more improvement and how to increase sales in the right target market.
10. Explain why market research is beneficial for growing a business and give two exam-
ples to illustrate your answer. (50 words)
It is crucial for a better understanding towards your customers. Also identify their interests,
wants, and needs so that we could generate higher sales. Market research will help you to de-
termined market share based on their demographics like age, location, gender and income.
11. Explain the following types of market research and the circumstances in which a busi-
ness may use them: (120 words)
a. Exploratory research: is a research conducted for a problem that hasn’t been studied
fully. It helps determine the best research design, data-collection method and selection of
subjects.
b. Ethnography: is a qualitative method where researchers observe or interact with study’s
participants in their real-life environment.
This study source was downloaded by 100000829050058 from CourseHero.com on 04-16-2022 13:10:54 GMT -05:00
https://www.coursehero.com/file/72152162/week-1docx/
Provide answers to all of the questions below:
1. Outline two ways of processing market research data. (20 words)
- Define the objective of the project. Understanding the key business problem by defining
the goals of the project.
- Collect and analyse data. All data (answers, choices, and observation) being collected
and analysed, structured in properly spreadsheet form.
2. Outline the term standard deviation and its use in analysis of market research data. (50
words)
Standard deviation is a useful tool in investing and trading strategies, it helps measure market
and security volatility. The standard deviation also common to create the prediction of the per-
formance trends by analysing the high or low standard, and it will be used to make decision
regarding the objective and in taking the risk.
3. Outline the use of correlation analysis in market research. Give an example to illustrate
your answer. (50 words)
Correlation analysis is a method of statistical evaluation used to study the strength of a rela-
tionship between numerically measured and continuous variables. It’s useful to establish if
there are possible connections between variables.
Basic example is height and weight, taller person tend to be heavier and vice versa.
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. (100 words)
Lack of project information: We have to fully understand and have a good knowledge regard-
ing the project. Lack of information could cause a big issue in communication and hard to find
a relatable and appropriate resources.
5. Outline three differences between qualitative and quantitative research with regard to
market research objectives, sample size and data collection and analysis methods.
(100 words)
Qualitative
• Research within focus groups, interviews, reviews
• Text based (reports, documents)
• Usually provides more information about the research
Quantitative
• Research within surveys, observations and reviewing documents for numeric information
• Number based (statistics, graphs, pie charts)
• Usually provides less information about the research
This study source was downloaded by 100000829050058 from CourseHero.com on 04-16-2022 13:10:54 GMT -05:00
https://www.coursehero.com/file/72152162/week-1docx/
, 6. Explain the importance of sample size in market research. (30 words)
Sample size is important, it indicates number of participants or observants in a market re-
search, and produce correct number of data or supply. It also gives conclusion and valid per-
centage to its results.
7. Discuss two common approaches to determining sample size and the merits or other-
wise of the approach. (100 words)
• Margin of errors: it is a range in which the true value of the population is estimated to be.
The confidence of interval determines how much higher or lower than the population
mean.
• Population size: analyse the total number of people in the market - based on demographic
area. If its a different area or state, it will shows a different data, due to its difference inter-
est which influence the data or statistic of various states.
8. Explain probability and non-probability sampling. (40 words)
Probability Sampling
• You have a complete sampling (You have the entire population ’s contact information
• Can be more expensive and time consuming
• Results can be generalised based on a random sample
Non-probability Sampling
• When there isn’t sampling available (Doesn’t have contact with population)
• More convenient and less expensive
• More effective in generating ideas and getting feedback
9. Outline how hypotheses are developed and used in market research. (80 words)
Hypothesis are associate with the research objective. Whether it is a positive or negative rela-
tionship between two variables. The hypothesis could includes the customer experience or
performance of the company in the industry. It can help to gain more knowledge in which area
should we have more improvement and how to increase sales in the right target market.
10. Explain why market research is beneficial for growing a business and give two exam-
ples to illustrate your answer. (50 words)
It is crucial for a better understanding towards your customers. Also identify their interests,
wants, and needs so that we could generate higher sales. Market research will help you to de-
termined market share based on their demographics like age, location, gender and income.
11. Explain the following types of market research and the circumstances in which a busi-
ness may use them: (120 words)
a. Exploratory research: is a research conducted for a problem that hasn’t been studied
fully. It helps determine the best research design, data-collection method and selection of
subjects.
b. Ethnography: is a qualitative method where researchers observe or interact with study’s
participants in their real-life environment.
This study source was downloaded by 100000829050058 from CourseHero.com on 04-16-2022 13:10:54 GMT -05:00
https://www.coursehero.com/file/72152162/week-1docx/
