Business Studies (AS)·Market research · NSSCAS 3.2
Market Research: Methods, Sampling & Presenting Data
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Before a business spends a single N$, it needs to know its customer. In this lesson you will learn why firms research their market, when to use primary and secondary methods, how to choose between random, stratified and quota sampling, and how to turn a small survey into a bar chart and a pie chart. You will also learn to advise a decision, write a simple research report, and judge how accurate the results really are. These are exactly the analyse, justify and recommend skills the AS exam rewards.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Business Studies (AS) 3.2):
- explain the purpose of market research in determining customer characteristics, wants and needs
- discuss when different methods of research should be used
- justify the appropriate sampling method (random, stratified and quota) in a specific context
- recommend a target market and sample in a specific context
- describe methods to collect data for primary and secondary research, e.g. questionnaires, consumer panels and through internet
- analyse data and present information using graphs, pie charts, bar charts and tabulation
- advise and make decisions based on analysed information
- compile a simple market research report from information
- assess the accuracy of information obtained during market research in a specific context
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