Question

7. How can Social Media be used by market researchers? Provide 1 marketing example.

8. List a few wa ys Primary data can be collected.

9. What is the difference between probability and nonprobability sampling?

10. List and briefly define the steps involved in conducting a MR project.

11. List some ways the Internet as facilitated MR. Provide at least “ 1 ” good mar keting example.

Answer 1

7) Social media has increase in popularity between people. Market researchers can use social media to gather details as compared to traditional form like surveys. The market reseachers has to invest good amount of time for utilising social media from where they can understand the audience, their requirements that is understand the language of its customers. Based on recent posts, likes and dislikes of the people in social media the market researchers can undertake study on the type of audience. The market researchers can gain information by interaction and observation on social media as against asking particular questions to the customers. The informal nature and easy availability of social media helps in boosting interaction and participation from which the chances of getting accurate and honest data is higher. The data available from social media is real time data as against traditional surveys where the data will not be real time. By posting or setting up certain searches related to ones product, brand or industry the company receives immediate notifications when such audience use these key words.

8) The companies can use below ways to gather primary data

A) Observation : The companies can simply collect data based on their direct observation

B) Telephonic or face to face Interviews : The companies can collect the data by telephonic communication with its customers by doing marketing calls or they can also undertake interviews and obtain data from customers when they visit their sites.

C) Suveys: The companies can undertake surveys and collect data from people.

9) In probabability sampling each member or group have equal chances of selection while in non probability sampling the all the members or group belonging to the sample do not have any chance of being selected.

10) The first most important step to conduct market research is to define the objective of the research and than define the ways in which you will conduct the market research. Once the company has define its way the company has to design and prepare the research instrument which could be any of the primary data methods. After deciding the method of market research the company can start its research and collect the data from its sources. Once the data is available with the company the company can analyse the data based on the objective of the research

11) The companies can undertake online surveys as against paper surveys conducted earlier. The companies can have their own website and review the data on the number of people who have visited the websites. The companies can undertake research based on the keywords where the company was search by the people. The companies can also go through the articles and blogs where the companies name appears by using keywords to understand the review of people. The companies can have rating facility where people can rate theie services.