MKT 500 Lecture Notes - Lecture 3: Test Market, Sampling Error, Marketing Mix
Document Summary
Exploratory to gain background information to define terms to clarify problems/ hypotheses to establish research priorities to uncover potential opportunities/threats. To understand what consumers want in a better package. To explore consumer attitudes and opinions towards our product/service. To learn what associations consumers make with our proposed ad campaign. Focus groups are used to generate ideas, to learn the respondents" vocabulary, to gain some insights into basic needs and attitudes. Select test market locations based on: representativeness, degree of isolation, ability to control distribution and promotion. Error based on difference between sample findings and true population values. Caused by size of sample and method of sample selection. Sample accuracy" refers to how close the survey findings are to the true population values. The confidence level" means that if the study were to be repeated 20 times, you would expect to end up with a similar finding in 19 of those repeats.
