Why market research is important to an organisation

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Reference no: EM132145397

ASSESSMENT -KNOWLEDGE QUESTIONS

Instructions

The information contained in this section lists the questions that you will need to develop a written response. These questions are theoretical and provide evidence of your understanding of principles and techniques in market research.

Note you must answer these questions in your own words. Remember, you must get a satisfactory result with each question to be deemed satisfactory for the whole of Assessment Event 1.

Question 1

Describe two reasons why market research is important to an organisation.

Question 2

List five factors that you would need to consider when determining the market research requirements of an organisation.

Question 3
List three stakeholders and why you would consult these people, in defining the market research needs of the organisation.

Question 4

List and describe four key provisions of relevant legislation that impacts on the market research processes within an organisation. With each, include why this is relevant to market research.

Question 5

Define what is a research objective

Question 6

Discuss what is meant by a hypothesis.

Question 7
Using the table format below, list four methods of data collection. For each method, list a strength and a limitation of each method.

Method	Strengths	Limitation

Question 8

List three qualities of a valid sample.

Question 9

Using the table format below, describe two data processing methods that can be used to analyse information. For each method, list a strength and a limitation.

Write your response into the table:

Method	Description	Strengths	Limitation

Question 10

Describe two reasons why it is important to gain approval from key stakeholders.

Question 11

List five items a proposal should contain and why.

Question 12

List five items that should be included in a scoping document and say why

Question 13

Describe four factors that would need to be considered when determining the feasibility of a market research project.

Question 14

List two key areas that need to be monitored with any market research implementation and include in each area why it is important to monitor.

Question 15

In the table below, list three advantages and three limitations of quantitative research and qualitative research.

Method	Advantages	Limitations
*Qualitative*


*Quantitative*

Reference no: EM132145397

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