Management and Organizational Studies 1021A/B Lecture Notes - Lecture 3: Big Data, Nonprobability Sampling, Test Market

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: ALL

Document Summary

Basic six step approach used to conduct market studies: define the problem/issue/opportunity, often posed as a question that needs to be answered, a problem well defined is half solved, but defining a problem is the hard task. Including identifying what information is needed, how it will be collected and whether a sampling plan is needed. Information requirements often research that is interesting is collected but not necessarily useful. This needs to be avoided as it is a waste of time and resources: collection methods in order for info. to be collected in an organized fashion it is necessary to have a data collection plan. Deter(cid:373)i(cid:374)i(cid:374)g (cid:862)ho(cid:449)(cid:863) to (cid:272)olle(cid:272)t the data is ofte(cid:374) as i(cid:373)porta(cid:374)t as actually collecting the data. Either data can be purchased through existing studies or by conducting their own research: sampling a sampling plan identifies who is to be sampled, how large the sample should be and how the sample will be selected.