SUBMITTED BY

SOORAJ S
Registration number: 11809348
Submitted to Mr. Mohammed Nasir
MASTER OF BUSINESS ADMINISTRATION (MBA)

Mittal School of Business

LOVELY PROFESSIONAL UNIVERSITY

Phagwara, PunjabJune 2022

1. Define Marketing Research

Marketing research is the process of determining the viability of the

Goods/Products or Services provided in the market. Market research tells
how the products or services are performing in the market and
furthermore it will forecast how it will run in future. It majorly helps in
determining the target market and get opinions and other feedbacks from
the consumer about their interest in the product or service.
 Types of Marketing Research
• Primary Research
• Secondary Research
• Qualitative research
• Quantitative Research
• Branding research
• Customer Research
• Competitor Research
• Product Research
 Objectives of Marketing Research-

• Administrative – Helps the company to make decisions and about the organizations growth, Human resources &
Machineries.

• Social – With the help of marketing research a business can meet the customer needs and wants and will help to meet the
customer’s requirement.

• Economical - Determine the economical degree of success or failure a company can have while being new to the market, or
otherwise introducing new products or services, and thus providing certainty to all actions to be implemented.

 Why is Marketing Research Important?

• Valuable Information: It provides information and opportunities about the value of existing and new products, thus, helping
businesses plan and strategize accordingly.

• Customer centric: It helps to determine what the customers need and want. Marketing is customer-centric and understanding
the customers and their needs will help businesses design products or services that best suit them.

• Forecast: By understanding the needs of customers, businesses can also forecast their production and sales. Market research
also helps in determining optimum inventory stock.

• Competitive Advantage : To stay ahead of competitors market research is a vital tool to carry out comparative studies.
Businesses can devise business strategies that can help them stay ahead of their competitors.
 .
2 What is Research design? How the exploratory and descriptive research design are
different?

Research design refers to framework of market research methods and techniques that are chosen by a researcher. The design that
is chosen by the researchers allow them to utilize the methods that are suitable for the study and to set up their studies
successfully in the future as well.

Research designs also include the elements of data collection, measurement of data with the respective tools, and the analysis of
the data. As a rule of thumb, the research problem a company chooses to work on is the determining factor of the research design
chosen by the researcher instead of the other way round.

Types of Research design

• Quantitative Research Design - is referred to as the process of collecting as well as analyzing numerical data. It is generally
used to find patterns, averages, predictions, as well as cause-effect relationships between the variables being studied.

• Qualitative Research Design - can be defined as a method used for market research that aims at obtaining data through open-
ended questions and conversations with the intended consumers.
Research Design- 5 sub types-
• Descriptive research design

• Experimental research design

• Correlational research design

• Diagnostic research design

• Explanatory research design

Definition of Exploratory Design- the primary objective of exploratory research is to explore a problem to provide
insights into and comprehension for more precise investigation. It focuses on the discovery of ideas and thoughts. The
exploratory research design is suitable for studies which are flexible enough to provide an opportunity for considering
all the aspects of the problem.

Definition of Descriptive Research- It mean a type of conclusive research study which is concerned with
describing the characteristics of a particular individual or group. It includes research related to specific predictions,
features or functions of person or group, the narration of facts, etc.
Key Difference between Exploratory and Descriptive Research
Exploratory research is study that formulates an issue for a more focused inquiry. Descriptive study is research that
examines and describes a person, a group, or a situation.

While the main goal of descriptive research is to explain the features and functions, the goal of exploratory research
is to uncover ideas and concepts.

The exploratory research's general design has to be adaptable enough to provide participants the chance to think
about different facets of the issue. In contrast, the overall design for descriptive research should be strict to
maximize dependability and prevent against bias.

Exploratory research has an unstructured research methodology. In the case of descriptive research, it is organized.
In exploratory research, non-probability sampling, also known as judgement or purposive sampling, is utilized.
Unlike descriptive research, which employs a probability (random) sample approach.

Exploratory research doesn't have a pre-determined statistical design for the study. As opposed to descriptive
research, which uses an analytical design that has been pre-planned.
3. Explain Central Limit Theorem?

The central limit theorem (CLT) of probability theory states that, under the assumption that all samples are of equal size and
regardless of the population's actual distribution shape, the distribution of a sample variable approaches a normal distribution as the
sample size increases. The CLT hypothesis states that the mean of all sampled variables from the same population will be roughly
equal to the mean of the entire population given a sufficiently enough sample size from a population with a limited degree of
variance. According to the law of large numbers, these samples also resemble a normal distribution, with their variances almost
equaling the variation of the population as the sample size increases.

Key Points

 Regardless of the distribution of the population, the central limit theorem (CLT) asserts that the distribution of sample means
approaches a normal distribution as the sample size increases.
 The CLT is frequently thought to hold for sample sizes equal to or larger than 30.
 The fact that the mean and standard deviation of the sample will, on average, match those of the population is a crucial
component of CLT.
 A sufficiently high sample size can more precisely predict a population's characteristics.
 In finance, CLT is helpful for estimating portfolio distributions and attributes for returns, risk, and correlation when evaluating a
large collection of stocks.
Key Components of the Central Limit Theorem
There are numerous important properties of the central limit theorem. The majority of these features concern samples, sample sizes, and
the data population.
Sampling is successive. This indicates that certain sample units have similarities to sample units chosen on prior occasions.
Sampling is random. All samples must be chosen at random in order for them to have an equal statistical chance of being chosen.
Samples should be independent. One sample's choices or outcomes shouldn't affect subsequent samples or the outcomes of other
samples.
Samples should be limited. It is frequently stated that if sampling is done without replacement, a sample shouldn't make up more than
10% of the population. Greater sample sizes should generally be used when the population is larger.

Sample size is increasing. The central limit theorem is relevant as more samples are selected.

What Is the Use of the Central Limit Theorem?

The central limit theorem allows one to make the assumption that the sampling distribution of the mean will, for the most part, be
normally distributed, which is helpful for examining huge data sets. This makes statistical inference and analysis simpler. Investors can, for
instance, aggregate data on individual security performance using the central limit theorem to produce distributions of sample means
that depict a wider population distribution for security return over time.
4. How sample size is determined? How is it important in research?

Meaning -The phrase "sample size" in research refers to the number of people who are included in a study to adequately
reflect the community. In order to ensure that the overall sample accurately represents the whole population, the sample size
refers to the total number of respondents included in a research. This number is frequently divided into subgroups based on
variables like age, gender, and region. One of the most crucial aspects of statistical analysis is choosing the proper sample size.
A sample size that is too small won't produce reliable results or accurately reflect the demographics of the group under study.
A sample size that is excessively big, however, may considerably increase the cost and time required to carry out the research,
even if higher sample sizes produce reduced margins of error and are more representative.
 How sample size is determined?

Determining sample size is a very important issue because samples that are too large may waste time, resources and money, while samples
that are too small may lead to inaccurate results. In many cases, we can easily determine the minimum sample size needed to estimate a
process parameter, such as the population “mean” . When sample data is collected and the sample mean x is calculated , that sample mean
is typically different from the population “mean”. This difference between the sample and population means can be thought of as an error.
The margin of “error”. is the maximum difference between the observed sample mean and the true value of the population “mean”.

Why Calculate Sample Size?

A solid statistical investigation will have a sound design and reach reliable results. However, even in published research, this isn't always the case. Over half of
the published research in the journal of Abnormal and Social Psychology were found to be insufficiently powered to provide statistical significance for the
primary hypothesis, according to Cohen's landmark power analysis from 1962.
Importance in Sample size in research

The size of the sample and the magnitude of the impact are the two main variables that
influence a study's power .
A research should only be started when there is a good probability it will produce valuable
information .
A research with an inadequate sample size might yield ambiguous findings and be deemed
unethical if it subjected human participants or laboratory animals to unnecessary danger.
An too big research will squander limited resources and can put more participants at danger
than is required.
So, one of the most important steps in the design of a study is to choose an acceptable sample
size.