MRKT 451 Lecture Notes - Lecture 4: Standard Deviation, Central Limit Theorem, Laundry Detergent
2 Mar 2018
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Qualitative research: primarily exploratory research involving small samples and used to gain an understanding of underlying reasons, opinions and motivations to develop ideas or hypotheses for potential quantitative research. Some common methods include focus groups (group discussions), individual interviews, and participation/observations. Quantitative research: primarily confirmatory research where the objective is to obtain statistical evidence utilizing large samples and numerical analysis. Secondary data: data that has been collected by someone else than the primary researcher and/or marketing manager. Primary data: data collected by the primary researcher and/or marketing manager. After designing the research design, it is critical to identify the right sample. There are 5 steps in the sampling process: define the target population, determine the sampling frame, select a sampling technique, determine the sample size, execute the sampling process. First sampling step- defining the target population: population: the entire group under study as defined by research objectives, researchers define population in specific terms.
