BSBMKG607 XXXXXXXXXXManage Market Research Assessment Task 1: Written questions Outline two ways of processing market research data. Outline the term standard deviation and its use in analysis of...

BSBMKG607 Manage Market Research
Assessment Task 1: Written questions
Outline two ways of processing market research data.
Editing of data:- Editing is the process, that can help in examining the data that have been collected for detecting errors.
Coding of data:- It is required for effective analysis of the data and this can help in reducing the small number of class that contains critical information.
Outline the term standard deviation and its use in analysis of market research data.
Standard deviation is used for measuring the dispersion of the dataset relative to means and it is used for calculating the square root of variance (Morganet al. 2019). In analysis of the market research data, the data point is used for higher deviation in the dataset.
Outline the use of correlation analysis in market research. Give an example to illustrate your answer.
In the market research, correlation analysis can be used for correlation analysis and it includes analysis of quantitative data collected through the research method. Example: Identification pattern, relationship and trends between two variables.
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.
Issues with engagement rate include production of effective results that is required to be generated for engagement from the sample population.
Issue with budget should be considered because it is important to keep the track of budget for usage of resources.
Outline three differences between qualitative and quantitative research with regard to market research objectives, sample size and data collection and analysis methods.
The quantitative research, the research focuses on testing theory, it includes analysis through statistical analysis and requires multiple respondents.
The qualitative research focuses on exploring ideas and formulation of theory, analysis by summarizing and requires few respondents.
Explain the importance of sample size in market research.
Sample size includes factors that affect the power to study and it can help in producing the inconclusive results. It provides with appropriate determination of sample size used in the study for providing critical steps.
Discuss two common approaches to determining sample size and the merits or otherwise of the approach.
Precision based approach is the approach that is estimated with the certain precision. It is the approach for limiting the confidence interval.
Power based approach is required for providing level of significance and power that provide with significance and effect size.
Explain probability and non-probability sampling.
Probability sampling includes the process of random selection and it allows making string statistical inferences about the group.
Non-probability sampling includes the process of non-random selection that is based on convenience that allows collecting the data.
Outline how hypotheses are developed and used in market research.
Hypothesis is used for making decision and it provides a better way for achieving business goals. It helps in solving the problem and it is based on foundational information.
Explain why market research is beneficial for growing a business and give two examples to illustrate your answer.
Market research is required for identification of potential customer that provides with the view about the business. It provides with the powerful information can help in completing the marketing strategy. Example: Spotting business opportunity. Example: Creation of relevant promotional strategy.
Explain the following types of market research and the circumstances in which a business may use them:
a. Exploratory research
Exploratory research is the way for defining the research for the investigation of problem and it will help in understanding the existing problem.
b. Ethnography
Ethnography is the kind of written observational science that provides with the account for particular culture and society.
c. Causal research
Casual research is conducted for identification of nature and extends for focusing on analysis of situation or specific problem. It can help in explaining pattern between variables.
Discuss three advantages and disadvantages of in-depth interviews in market research.
Advantage
It provides with greater opportunity for additional information for generation of rich understanding of attitudes.
It includes higher quality of sampling compared with data collection method
It provides with potential insight and it provides with identification of high valuable findings.
Disadvantage
It is a time consuming process and it requires analysis and organization of the data.
The process is costly as compared with other methods
It required highly experienced and skilled people for completing the entire process that can be undermined
Explain the use of a questionnaire as a survey instrument in market research and the importance of testing a questionnaire prior to using it.
Questionnaire provides with an effective way for measuring the attitude, preferences and behaviour for providing relatively large number of subject (Vinerean, 2017). It provides with the use of both closed and open questions for collecting the data.
Explain the importance of valid and reliable market research data.
Reliable and valid market research data is important for repeating the sample methods that produces same results. It is used for addressing issues of error and measurements for dealing with systematic error that deals with random method.
Discuss three advantages and disadvantages of focus groups in market research.
Advantage
It is a useful method that can be used for measuring the reaction of the customer for new products.
It is a time saving process that provides with possibility for providing the feedback for multiple aspects of the products.
It will help in expediting the journey of the product to the marketplace.
Disadvantage
It is not an effective method for covering the maximum depth on the particular issue.
The process of expensive and it can increase the cost of the complete process.
This can inject the personal biases into the participant exchange.
Outline the key steps in a policy and procedure development process.
The process of research and planning can help in setting the goal and it includes identification of procedures and policies. Project review is the next process and it can help in reviewing the process for organizational policies. It can help in determine the testing process for ensuring workable (Sozueret al. 2020). The step of finalisation can help in stabilising the implementation and training plan for determine the method for long term review.
Identity two methods of consulting with stakeholders within a project. Compare and contrast each of the methods you identify.
Depth is the process that includes the approach that is used for focusing on common methods.
Breadth is the approach that is used for larger number of people and it uses standardization of measurement tool. It provides with statistical analysis for determine the viewpoint.
Outline PERT and CPM project management techniques and explain the different circumstances in which they are best used.
PERT management technique includes activity for understanding the planning, scheduling and arrangement of the project. It will help in understanding the technique for complete project.
CPM management technique is used for determine the critical task that will help in preventing conflicts. It can help in choosing the path for project that will help in calculating least amount of time.
Compare and contrast two methods that can be used to measure project outcomes and progress and provide example to illustrate your answer.
Scheduling is the processes that can help in determine the original timeline and it provides with schedule evaluation for providing task with visual timelines.
Quality can provide with phase of project that provides with project management practices that can help in managing process for deliverables.
Explain two different methods that an organisation can use to engage consultants for market research.
Consultant scrum is the method that is used for obtaining the source for providing the best way for obtaining the way for engaging with traditional methods.
Virtual consultant is the way for providing the up skill for providing the direct access to consultant by providing specific advice for dealing with problems.
Identify and outline five examples of legislation and regulations that can apply to marketing operations.
Example 1: Consumer right and product requirements include the way for setting consumer rights and it includes the process for refunds and returns.
Example 2: Code of practice is required for development of voluntary guidance that can help in specifying the behaviour of the process.
Example 3: Trademark provides with the legal process for protecting the ideas and product for business identification.
Example 4: Environment provides with...