Null hypothesis. Marketing Essay

Assessment activity 1 1. When conducting research on behalf of your organisation or for a client organisation, how will you determine the most appropriate data sources to use? In this case the most suitable data source will be a desk research because this information will have already been gathered, analysed and reported on by other companies. It means that you will not waste time and money doing what others before you have done. 2. Why are cross checks and cross references necessary? To ensure the information is correct. Assessment activity 2 1. What tools would you use to collect and collate data and why would you use them? 2. Why should your desk research include the collection and analysis of data relative to the organisation’s current and past performance? Collection and analysis of data relative to the organisation’s current and past performance is very important to decide what we are looking for and the questions we are trying to answer. In this way our needs can be met. Assessment activity 3 Describe and explain the reporting formats that might be required to follow when submitting desk research results. Assessment activity 4 1. What is the difference between working and null hypothesis? A working hypothesis is a theory that we can use in our thinking about possible consequences. Such hypotheses allow us to predict and then look for results. Null hypothesis stands in direct contrast to its Alternative hypothesis. If we propose that action A will cause result B, we have a testable hypothesis, called the alternative. 2. How do these hypothesis help to focus the research? It help to guide the development of a research project and aid you in determining the direction you need to take and the questions to which you need answers. Assessment tool 2 1. What is desk research? Explain the steps involved Desk research is identification and analysis of information which has already been compiled and published in some form. The basics of a good desk research involve: – knowing where to look and what to look for – Understanding the quality of the source material – ensuring you get the right information. Core to any desk research is obtaining a list of sources. If you do know the subject area or the key jumping off points, you are likely to know exactly where to look immediately. This is where experienced researchers have advantages, as typically, they have a wide knowledge of sources know where to look and how to look. 2. What are quantitative and qualitative data? Explain the differences and their use in market research. Quantitative data is anything that can be added up whereas qualitative data deals with options, attitudes and behaviour and provides dues as to â€Å"why and how†. Quantitative information allows analysis of the strength of a trend. It is used to answer questions such as ‘who, what, where and when’. Qualitative info consists of descriptive statements about events that have happened. It includes opinions or comments by customers on a product or a service provided, future plans or even visions of what an organisation right become. 3. Describe the techniques you would use to identify potential research respondents. 4. Why is it important to ensure that rooms and facilities for survey recruits are well prepared? Describe how you would conduct a data gathering session. 5. Compare and discuss 2 software applications suitable for entering data. Assessment tool 3 Market research Market research is a powerful tool, which can be utilized to better understand a company’s customer base – allowing these companies to optimize their advertisements, predict market trends and guide their overall decision making. Specially in the case of coffee shops world. This report covers multiple and independent coffee shops. Coffee shops are defined as outlets where coffee accounts for a sizeable (usually at least around 40%) part of sales with quite a restricted, mainly packaged, food offer and small amounts if any, free alcohol. For some countries this will therefore include outlets such as donut shops and bars. Market value is based on expenditure including sales tax in these outlets; market volume is based on numbers of outlets. A Snapshot report is designed to provide instant preliminary market research. Each report provides an overview of the defined market, including market size, market forecast, segmentation, company market share along with top-line socio economic data. The data is supplied in both graphical and tabular format for ease of interpretation and analysis. There is is a mix of primary and secondary data sources. In addition each market contains an exclusive 5 year market size forecast. What’s more, our team of international research analysts are always on hand to provide further assistance where required. It’s a level of service you won’t find anywhere else. Secondary Research All secondary data sets in both local and global languages are derived from a range of sources, from government statistics to trade magazines. In addition, strong relationships with different companies. . Typically an analyst use a minimum of 3 to 4 data points for each table, analysing different aspects of the market. Full transparency of source data is provided for all secondary sources. Furthermore, we need to seek written permission from the original source which is quoted in every case, reinforcing the integrity and robust nature of the data. Primary Research – Trade Interviews Once secondary research has been exhausted, the language specialist researcher will then validate the information collected though semi-structured telephone interviews. Validation through telephone interviews is critical. We aim to receive confirmation from National Trade Associations, Statistic Offices, and major players of each quoted market. Forecast Methodology The basic model which the GMN forecast was built on is called the ISDE model, which is a framework based on four main concepts, namely: ï‚ · Interface ï‚ · Supply ï‚ · Demand ï‚ · Environment These four concepts can each affect the fluctuation of markets. First, all the main parameters are identified that affect the market/industry which is to be forecasted. Once identified the parameter is matched to and classified with the ISDE model. Interface These are factors which affect markets or industries. Mainly they regard to conditions and factors in the transition phase between the supply and demand. Supply  The total amount of goods and services that are available to purchase. Demand  Desire, ability or need by individuals or companies to purchase goods or services. Environment  The environment includes all factors external to the market or industry, which in one way or another, influence them. Each element of the ISDE model is affected by different parameters. Based on their understanding of the sector in question, the analyst selects the parameter regarded as the most relevant. For reasons of conformity, reliability and currency, the range of parameters at the analyst’s disposal is confined to eight parameters. These are updated on a monthly basis: ï‚ · Real agriculture ï‚ · Real industry ï‚ · Real manufacturing ï‚ · Real services ï‚ · Population ï‚ · Private Consumption The research methodology employed by MSI has been subject to numerous procedures to guarantee the quality and the reliability of the information contained within the reports. In-house consultants are employed full-time and receive a sixmonths training period to acquire and implement MSI’s research methodology. MSI’s methodology can be divided into five principal stages: †¢ Stage 1: secondary research  The consultancy teams work closely with trade associations, magazines, and government bodies operating in the researched field. Further research is also carried out from information available internally from our in-house documentation service and externally from the Internet. The latter is carried out by our teams which have the experience and the knowhow to efficiently and productively extract information from existing sources. †¢ Stage 2: primary research: interviews with trade sources The consultancy team proceeds to undertake a series of telephone or face-to-face interviews, with a representative selection of companies operating in the chosen industry. Every attempt is made to talk to leading players in the sector as well as smaller companies. Interviews are therefore carried out with manufacturers, distributors, importers, suppliers, installers and end-users. Indeed, some of our studies involve more than a hundred interviews. The data gathered from interviews is systematically checked and compared with the secondary research. †¢ Stage 3: analysis of the gathered data The information gathered during the two previous stages is then analysed and synthesized. A second series of interviews can be done if necessary to check and validate the data during this decisive stage. †¢ Stage 4: quantitative data MSI reports provide quantitative data, such as market estimates and forecasts, to measure the researched market. This data is based on the estimates obtained during stage 3. The quantitative data contained in the reports is based upon the consultancy teams’ appreciation and analysis of the market and is consequently unique to MSI. †¢ Stage 5: quality control  Each report is the subject of a rigorous checking and editing process by an experienced management team.