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Assignment 1
Ans1. Two ways of processing market research data are surveys and interviews. Former methods form qualitative research that probe the participants series of closed-ended or open-ended questions that are delivered to them through email or on-screen questionnaire. Surveys are easy and inexpensive method to conduct market research and collection of data is perhaps done promptly.
Second method to process market research data is by conducting interviews one-to-one conversation. Nothing can ever challenge this method since it is best way to gather the first-hand experience that can help to comprehend the target audience better. Furthermore, with interviews one can empathize their experience and follow the insightful details to be processed.
Ans2. Standard deviation is the barometer to check the variation from the mean. It helps to assesses the variability of distribution. While conducting a market research is perhaps important to keep a tab on the standard deviation since that indicates the data points are either very close to the mean, while high standard deviation reflects data that is spread out all over the range of values.
Ans3. Correlation analysis in market research is to comprehend the statistical assessment to comprehend the strength of relationship between the variables that is used in the study. Essentially, it is used to analyse the quantitative research conducted from either surveys or polls. Furthermore, it is used to identify the patterns, connections as well as trends between the variables.
Ans 4. Issues that are required to be considered to ensure the design of market research to ensure that budget constraints and limited resources are met is focusing on reliability of the data. The value of market research and its finding is contingent entirely on the accuracy of the data which is collected. Quality of the data can be questioned and compromised through nuver of potential routes like unrepresented samples, leading questions as well as biased interviews etc. There is requirement of efforts to make sure that the data is accurate, interviews are conducted objective as well as samples are represented.
Ans5. Difference between Quantitative and Qualitative Data
    Quantitative Data
    Qualitative Data
    · It deals with statistics and numbers
· Focus is primarily on testing the theories as well as hypothesis
· Quantitative analysis requires numerous respondents
· Methods for data collection involves surveys, observations and experiments.
· Methods for data analysis involves identifying the common pattern in data with the help of tools like SPSS, R and Excel
    · It deals with meanings with words
· Entire focus is on exploring the ideas as well as formulating theories
· Requires minimum number of respondents
· Open ended questions
· Methods of data collection includes focus groups, interviews, literature reviews and case studies
· Methods of data analysis involves thematic analysis, content as well as discourse analysis
Ans 6. Statistics can be used to identify what are the relationships among various variables that can be used to find the size, scope and impact on the study conducted. I want to add that sample size not only includes how many people participated in the research but also represents target audience or perhaps the miniature version of audience that research is going to impact through its hypothesis, findings and results. The effect of size definitely shares the probability within the population which is being researched during the data gathering phase. Research and studies need to focus on selecting the right target audience, since break down of the hypothesis are only beneficial if it addresses to the indented population. I really like how you explained this significance through the example of horse that has gained around 25% fat using the fat oil incorporated in the feed. This entire process was studied for around 6 months and results gauged had practical significance. If we take small sample size or select people who don’t reflect the group, we are trying to study then it can result into generating wrong results and many false positive which can mislead to another direction. Thus, selection of the sample population as well as its size holds a lot of merit in order to conduct a comprehensive research.
Ans 7. The two commonly utilised approaches to calculate the sample size is power-based approach and precision-based approach
· Power-based Method - In this method, the aim is to reject the null hypothesis with given probabilities of error. Power based method is connected to hypothesis testing. It is critical to include the level of significance as well as standard deviation, power, effect size and relevant significance clinically.
· Precision-based Method - In this method, it is necessary to estimate about unknown parameters with precision. This method restricts the confidence interval of the parameter in order to focus on width.
Ans 8. Probability sampling implies that each and every member of the population that is targeted has a given opportunity to be included in the sample. While on the other hand, non-probability sampling, the sample is identified based on a criterion which is non-random as well as not every member of target population has the opportunity to be included.
Ans 9. Hypothesis is probable statement regarding the relationship between two or perhaps more variables. Essentially, they are particular, testable prediction regarding what can be expected to happen in the study. Hypothesis are specific predications with reference to what can be forecasted to take place as per a specific research. They are developed by taking into consideration existing facts as well as evidences that can help to reason what will happen based on context. Hypotheses are most commonly derived from theories however it is not always the case.
Ans 10. Market research is very important for understanding the target customer. Therefore, market research can be crucial to grow the business. It can help explore the need and expectation of customers which can be seamlessly included in the services.
Example of Market Research
· Online Surveys and Polls - Organising surveys and online polls have perhaps become most commonly leveraged market research method that can gauge the feedbacks and opinions from the customers
· Social Media Research - This is method that has perhaps become most effective to conduct online focused groups as well as online interviews. The marketers have now preferred LinkedIn, Facebook as well as Instagram to comprehend the target audience better.
Ans 11. Exploratory research is the preliminary research which is conducted to clarify the accurate nature of the problem that is to be solved. This research study can be leverages to investigate the problem that isn’t clearly defined. Exploratory research is usually conducted for better comprehension of the problem however, can’t find results that is conclusive.
Ethnography in the research is qualitative research that identifies the social interaction of the participants or perhaps the target audience. This method involves conducting recording on videos, direct observations, diary studies as well as artefacts analysis
Causal research is the thorough analysis of finding the cause and subsequent consequences. To evaluate the causality, certain variations in the variables is assumed in order to affect these changes in various variables is detected. Casual research comes in the category to conclusive research such that it attempts to identify the cause-and-effect relationship between the two variables.
Ans 12. Advantage of in-depth interview
· The interviewer can develop a strong rapport with the participants that can make the participant feel very comfortable. This can further lead to generate more insightful ad intriguing responses.
· Second advantage of in-depth interviews is to have greater chance to ask the follow-up question, one probes for additional data and knowledge.
· Third advantage of in-depth interviews is to generate strong data that is perhaps insightful and can be identifies with highly valuable findings. Furthermore, there is fewer potential distractions
Ans 13. Questionnaire can be comprehended as research instrument which essentially contains set of question to gather information from the respondents. A survey follows a research methodology used to collect the data from the pre-defined group of respondents to comprehend information as well as insights on numerous topics of interests.
In order to evaluate the effectiveness of the questionnaire it is imperative to comprehend its applicability before. Pre-tests of questionnaire can help assess the strengths and weakness of the survey with reference to its formats, orders and words.
Ans 14. Indeed, a market research can be regarded as consistent if its results are not only reliable but valid for all conditions. With a doubt, validity of market research can be considered as very important feature in order to evaluate whether the result of a particular market research is credible or perhaps can be contested as true. Essentially, as a concept, taking into consideration any instrument validity can help the researcher comprehend that instrument will accurately measure what it is supposed to measure. Many times, instrument measure can be reliable however, that measure will still not be valid. Especially in the case of instrument that measures some construct that might be consistent yet inconsistent under various conditions. On one hand, measure of instrument can be valid since it may give consistent results but results derived from those tests might not be reliable. I want to explain it by giving the analogy of a dart game as shown in the figure shown below. Majority of time it can be considered as an instrument that is valid as well as reliable. Perhaps, the shots which forms a cluster within a small range near the central axis of the target. This is a classic example of valid but not reliable can be deemed of shots that are centred on the target but not clustered within the narrow range rather scattered all around the target. Therefore, reliability as well as validity are both required to assure critical measurement of any construct which is of interest.
Ans 15. Three advantages of focus groups in market research
1. Easily assess the customer reactions - Focus group is perhaps very useful to measure the reaction of the target audience or strategies of company. Focus groups offers instant ideas for the improvement of particular concepts and products.
2. Opportunity of Time-Saving - Focus groups with its condensed nature makes it possible for the business to solicit the feedback and opinions on multiple aspects for any product
3. Focus group is very advantageous to identify the requirement of products of the target audience that is required to be addressed. Focus group offers insights to the business to comprehend the position of the rivals.
Disadvantage of focus groups in market research
1. Focus groups are not in-depth as other research conducted for market. Relative to the interviews conducted one-to-one focus groups arent efficient in spanning the depth as well as breadth of specific case. Participants might not express their personal and honest feedback regarding the topic.
2. Second...