Part I
Discuss the procedure of generating a random sample.
In your response post, cite several different methods that could be used in generating a random sample.
Which method would you employ? Why?
Part II
In designing a survey questionnaire, one concern to the designer is to avoid including survey questions that appear to be biased. Namely, a suggestion or hint cited in the question that may lead the responder to choosing one response over an alternative.
As an example, a survey was being developed to question the drinking preferences of a select sample of college students. The primary objective of the survey was to gain responses to the basic question, “Which do you prefer, milk or orange juice?” However, an experimental question included in the survey questionnaire was as follows: “Milk contains high levels of vitamin D and calcium. Do you prefer milk or orange juice?”
Would you consider this “experimental question” to be biased or unbiased? Explain your answer.
What about the following question?
“Do you think the unprecedented trillion-dollar federal deficit the Democrats are creating with their out-of-control spending is going to have disastrous consequences for our nation?”
Is the above question biased or unbiased? Why?
If you consider it to be biased, how would you change this question to an alternative unbiased form?
Part III
In your opinion, what is the value of a company conducting a sample survey vs. a survey on a population?
What are the managerial considerations that need to be addressed in relation to deciding on a sample survey to address issues related to things such as consumer preferences, when a company is planning on bringing a new product to market?
Part IV
Do some research on the internet in relation to what a Market Research Company does. Go to the following website: https://www.marketresearch.com/
Navigate through the above cited website and gain an understanding of what a Market Research Company does as well as the types of research that it compiles across a wide diversity of industries and respond to the following 3 questions before you respond to questions 1 – 6 below. If you do not gain a thorough understanding of what a market research company does, and why a company would benefit from contracting with them, then you are not in a position to present comprehensive responses to the 6 questions listed in this DB:
Why are the these big name companies defined on their opening page interested in contracting with this online market research company?
What is the draw for them? What can this market research company do that a company could not do for themselves?
Why would a given company not want to do the things that a market research company does?
On the basis of your understanding of what a market research company does, based on your review of the above provided website, respond to the following questions:(A comprehensive and detailed response is expected to the following questions)
1. What is a market research company and what services do they offer?
2. Would a company like Walmart consider using a market research company? Why?
3. What types of information would a company like Walmart be interested in gaining if they contract with a market research company?
4. Would it be financially feasible for Walmart to use a market research company to outsource their need for information? Why?
5. What entities within the Walmart organization would benefit by the use of a market research company?
6. What does the SBA say about a company doing market research. Cite their key points. (https://www.sba.gov/starting-business/how-start-business/understand-your-market)
