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Final Instruments With Various Measurement Scales Worksheet

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Marketing

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University of Phoenix

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Instruments with Various Measurement Scales

Worksheet

MKT/441 Version 5

University of Phoenix Material

Instruments with Various Measurement Scales Worksheet

Describe in no more than 350 words a business situation of your choice where market research

can influence decision-making.

Market research is the process of collection of information concerning consumer's tastes and

preferences. Market research is a fundamental concept in the job market. Market research could be

vital in enabling a business to strategize to maximize profits in the market. There are four types of

market r research in the business world. Focus groups, surveys, customer observation, and interviews

are the main four types of market research. It all depends on what the business wants to use to obtain

consumers' information about services and goods delivered (Hague et al., 2015). As a result, market

research could be used in many business situations to arrive at strategic and informed decisions.

A perfect situation where market research could aid in decision-making is when starting up a new

business. Beginning a new business enterprise is challenging because one has to fully know and

understand the surrounding community, the first potential clients. Knowing the culture is the first step

towards deciding on what product to offer. In such a situation, market research is vital because

information about customer's preferences and needs is fundamental in decision-making. It becomes

easier to decide on what product and service to offer to clients after doing market research on the

surrounding community.

Market research could also help an entrepreneur locate the best area for the business startup (Hague

et al., 2015). Where the business is located matters a lot for sustainability. Additionally, a business

should be located near the source of raw materials, which is possible by first conducting market

research. Doing market research lets the business entrepreneur be sure about business growth after

open up. It is thus vital to conduct market research before making any business decisions that affect

consumers.

Create six questions for a questionnaire or interview using at least three of the following

measurement scales:

• Nominal

• Ordinal

• Interval

• Ratio

• Unidimensional

• Multidimensional

Type of

Measurement

Question

Nominal

Which gender is responsive mainly when it comes to family matters?

Which country would you like to visit if given a chance right now?

Ratio

How much time do you spend building your career every day?

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Instruments with Various Measurement Scales

Worksheet

MKT/441 Version 5

What is the right age to become a manager in any organization?

Interval

How would you rate the performance standard in your company?

What temperatures should employees operate under while trying to

create a conducive environment?

Determine in 525 to 700 words the best sampling procedure.

When performing research, it becomes a bit challenging to assess a large population-based on personal

views. Sampling entails studying a portion of a given population and making inferences and conclusions

for the whole population. The reduction of participant numbers in a study is vital because it reduces the

cost and time spent studying the whole population. It would be tiresome studying the whole population,

which may also lead to inaccurate results. Various sampling methods exist while performing market

research by business people, like probability and non-probability sampling. Four types of probability

sampling are; stratified random sampling, systematic sampling, cluster sampling, and simple random

sampling. However, there could only be one sampling procedure, depending on the main research topic.

The best sampling procedure for market research would be a simple random sampling technique. Simple

random sampling is very cost-effective and helps save time while performing studies. It is the simplest

form of obtaining vital information in which every single member of the group is selected on a random

basis, basically by chance. In this sampling procedure, every member of the population has the same

probability of being selected as the sample. For instance, while carrying out market research, every

community member will have equal chances of being selected for interviews.

The best explanation is that in a random sampling procedure, managers would even prefer using a bowl

of chits that pick the names of employees from. As a result, every employee will have an equal

opportunity to participate in the research study. Therefore, the sampling procedure enhances equality

and fairness in terms of selection chances for participation in the research study. Simple random

sampling procedure has many advantages that make the best sampling strategy, especially for market

research (Dura et al., 2016). The random sampling procedure is accurate and straightforward, thus

ensuring reduced biasness while doing the research. Additionally, the sampling procedure is cheap in

application due to its simplicity.

Simple random sampling ensures equality and fairness in terms of selection thus lacks biasness while

performing market research. The sampling procedure is also strategic and reliable as it is easy to

evaluate the sampling error present in the sampling procedure. Compared to other sampling methods,

simple random sampling is much simple and easy for application. Random sampling procedure also is

suitably applied for data analysis that is composed of inferential statistics. The sampling procedure also

has disadvantages like challenges in accessing the complete list of the entire population that the sample

comes from. Not unless the list is already available, it isn't easy to compose the whole population.

Another disadvantage is that sometimes it could be time-consuming where the data regarding the larger

population is not available because the information will be retrieved from many other secondary sources.

Obtaining information from many other secondary sources could be very costly for a business

organization because it requires significant capital to make the whole process a success. Another

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Instruments with Various Measurement Scales Worksheet MKT/441 Version 5 University of Phoenix Material Instruments with Various Measurement Scales Worksheet Describe in no more than 350 words a business situation of your choice where market research can influence decision-making. Market research is the process of collection of information concerning consumer's tastes and preferences. Market research is a fundamental concept in the job market. Market research could be vital in enabling a business to strategize to maximize profits in the market. There are four types of market r research in the business world. Focus groups, surveys, customer observation, and interviews are the main four types of market research. It all depends on what the business wants to use to obtain consumers' information about services and goods delivered (Hague et al., 2015). As a result, market research could be used in many business situations to arrive at strategic and informed decisions. A perfect situation where market research could aid in decision-making is when starting up a new business. Beginning a new business enterprise is challenging because one has to fully know and understand the surrounding com ...
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