Marketing Research and Market Segmentation

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MARKETING RESEARCH AND MARKET SEGMENTATION
1. 2. 3. 4. 5. Objectives: Market research, product research, price research, sales promotion research and distribution research A wide variety of procedures used in marketing research The requirements for and benefits of market segmentation Geographic, demographic and psychographics segmentation The value of marketing information system
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MARKETING RESEARCH AND MARKET SEGMENTATION
• Marketing research is defined as the investigation of factors related to the marketing activities of a company. Marketing research aims to reduce risk by providing information about the factors involved and possible outcomes of particular actions. Market research involves gathering information about the market
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Samples should be chosen at random (each member of population has an equal chance to be chosen) and in numbers sufficient to minimise the influence of small numbers of individuals from one section of the population on the data which is gathered. Sample frame is constructed to include all the members of the population.
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MARKETING RESEARCH PROCEDURE: PRIMARY DATA - II
• Random sampling – a sample selected in such a way that every member of the population has an equal chance of being included. (random number tables, computer generated random numbers – elimination of conscious or unconscious bias) Non-random sampling: Systematic sampling – selecting every nth item after a random start. The gap between numbers is known as the sampling interval. Stratified sampling – divides population into strata, which may conform to a consumer characteristics or a market segment (manufacturer of equipment – 40% of sales come from one, 30% from another industry – 40% of respondents from the first industry etc). Multistage sampling – divides the country into a number of areas and the small sample of these is selected at random. Each of the areas selected is subdivided into smaller units and again , small number of these is selected at random etc. Quota sampling – investigators are told to interview certain numbers of people in different categories (age, gender, product user groups). Quota controls Cluster
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