NAME: ABANGGAN,JASMIN M.

BLOCK: PCBET 19 201-A

1. Explain the importance and role of research in marketing.
Research is an essential component of marketing since it helps companies understand
their target market, determine customer needs, and develop successful advertising
strategies. It offers information and analysis to support choices on advertising, pricing,
and product development. Market, competitive, and consumer research are all
techniques for conducting research that each focus on one particular aspect of the
market. Whereas competition research examines the tactics of other companies,
consumer research collects data regarding the attitudes, preferences, and actions of
customers. Information about the larger market, such as trends, client demands, and
market size, is gathered through market research. Making well-informed judgments
increases the chance of success, lowers the danger of failure, and prevents resource
waste. Research helps.
2. Differentiate the following:
2.1. Different Exploratory Techniques in Market Research:
Investigating research problems that are not well defined or understood is done through
the use of exploratory research. It assists researchers in deciding whether a topic needs
further investigation, preventing time and resources from being spent on concerns that
are doable, valid, or irrelevant. It gives research topics a deeper understanding and serves
as the basis for various kinds of research. Primary and secondary methods are the two
basic approaches used in research; primary methods include gathering data directly from
people, while secondary methods make use of pre-existing data.
2.2. Primary from Secondary Data:
Primary data is collected directly from the source, whereas secondary data is obtained
from existing data sources, such as government statistics, industry reports, and previous
research studies. Primary data is more valuable and reliable than secondary data, but it
may be more expensive and time-consuming to collect.
2.3. Sampling Designs and Techniques:
Random sampling: A technique in which every element of the population has the same
probability of being selected for the sample.
Stratified sampling: A technique in which the population is divided into groups, and a
random sample is chosen from each group.
Systematically sampling: A technique in which a specific sampling interval is used to select
each element of the population.
Cluster sampling: A technique in which groups of similar individuals or locations are
selected for the sample.
Convenience sampling is very easy to do, but it’s probably the worst technique to use. In
convenience sampling, readily available data is used. That is, the first people the surveyor
runs into.