Marketing Research and Market Segmentation

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

According to Schutt (2008), sampling is defined as a subset of population used in a study to be a representation of the population as a whole. My final project is a pre-hire assessment which analyzes potential risky pattern behaviors and emotions in the work place. One of the most important considerations related to sampling that will need to be addressed in my final project is defining the population that will be taking the assessment.

Marketing research is the method/methods that connect the clients, buyers and users to the marketer through data found from research to find and outline marketing opportunities and dilemmas. The general aim of marketing research is to recognize and evaluate how altering the marketing mix which is comprised of 4 features: product, price, promotion and place, influences customer behaviour.

Each of 30 interviewers was asked to recruit 14 subjects (convenience sample of 7 males and 7 females aged between 18 and 80 years old)

Market research consists of information collection regarding the prevalent market situation, and its analysis. “We define marketing research as the systematic design, collection, analysis, and

What is Market Research? When you collect and identify data (qualitative data and quantiative) about customers, the market and competitors.

Marketing research is what informs business’s make decisions by helping it to understand the changing dynamics of its market. This involves finding out more about customers, competitors and the overall marketing environment.

The sampling of the observed subjects was obtained through the sampling design of Quota Sampling. According to Polit and

Lind, D. A. (2005). Statistical Techniques in Business & Economics (12 ed.). New York: The

“In systematic sampling when population size N is a multiple of the sample size n, (N = nk), where k is the sampling interval, a unit is selected at random from the first k units and then every kth unit is selected to get a sample size” (Khan, Shabbir, & Gupta, 2013, p. 2659). A systematic sample frame for a healthcare management position will look like a list of all qualifying candidates (N) and every kth candidate is chosen for interviews from the

There are an abundance of different types of probability sampling techniques that are utilized to interpret data. For example, simple random sampling, systematic sampling, stratified, disproportionate stratified sampling, and multistage cluster sampling (Horvitz, 1952; Thompson, 1995). Simple random sampling is the foundation to the probability theory that provides the unbiased measuring instruments that are used to establish the parameters of a geographical area, provides measure for error as well as, assurance to the intervals being correlated. Once the parameters of the sampling frame are determined, random categorizing is established to identify each element within the probability model. Once the information is gathered, a process of random selection is established through computer analysis. By doing so, the electronic database automatically launches a random sequence to select chance data then establishes the results through processes of unsystematic selection. However, the down side to simple random sampling is that the electronic data is not always reliable, and to hand pick that random selection is not always possible.

According to Hair et al. (2003), in the research, the sampling process enables identifying, developing and understanding an interested object that need to be determined (p.333). Hence, in order for the researcher to carry out the sampling appropriately, advantages and disadvantages of the various sampling methods should be considered along with the theoretical component of the study (Hair et al. 2003, p. 368 f). Theoretically, the sampling procedure is divided into two major types which consist of probability and nonprobability sampling. In probability sampling, individuals have a known chance of being selected. While, in non-probability sampling, individuals do not have a known possibility to be selected (Sekaran 2003, p. 269 f). Also, the different sampling methods provide different advantages and disadvantages. Hence, the researcher should consider this point before choosing the sampling method for the

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

Briefly describe the pricing structure that is used with this product and explain the benefits of this method.

The process of communicating the value of a product or service to customers, for the main purpose of selling that product or service is known as marketing. The science of choosing target markets through market segmentation and analysis, and understanding consumer behavior while providing superior customer value to the customers is termed as Marketing Management. It can be looked at as one of the most important of the organizational functions and a set of processes for creating, communicating and delivering the value to their customers or potential customers, and a customer relationship management that benefits the organization in a variety of ways.