MKTG570 Draft 2 - Perri

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Feb 20, 2024

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Week 4 Draft Week 4 Draft 2: Data Collection & Sampling Emily A. Perri DeVry University MKTG570: Marketing Research

Week 4 Draft 2 Week 4 Draft 2: Data Collection & Sampling Pricing products are one of the most important decisions firms can make. When firms are trying to determine a price for a product, they have to complete research. In our situation, we are trying to determine the best price for a product that we are going to launch. The firm needs to assess how much perspective customers are willing to pay for the product and how the product compares to other similar products. So, we need to complete a bit of research using data collection and sampling using the above means, in order to effectively determine and market our product. Data collection methods involve gathering all the essential information for the market and putting it all together. Data collection can be gathered via surveys, interviews, focus groups, questionnaires, and online surveys (Hair, Ortinau, & Harrison, 2023) . Sampling uses part of the population in order to estimate things based on the entire population. Sampling is getting opinions from a number of people from a specific group to determine how the whole group would vote, what they would say, or what their opinion would be (Pathak, 2021) . Using Data Collection When determining the price of a product, a firm can do multiple things to research what the best price would be for that product. Conducting a survey either in person or online can be one way a firm can poll the population to determine price. Surveys are probably the best way to find out what a potential customer is willing to pay and to assist in determining the link between the willingness to pay at different price points, purchase frequency, and the amount that customers will likely spend with you. Online surveys are best to send to your existing customers because they are a great source of information since they already know your brand and are already loyal to you. The survey questions you might ask could include the customers’ perceptions of your current pricing, their ideas about what they feel the product quality is

Week 4 Draft 3 compared to their value for money, and their reactions to certain loyalty programs, sales tactics, discounts, or promotions (Williams, 2023) . Sampling When firms look at sampling, they want to target the market that will be their potential customer base. In order to determine what the best price point should be the firm should gather a few people from each financial demographic, low class, middle/blue collar, and high class. The firm can ask questions using an interval scale. The firm researcher could list a range of prices and then the field agents could interview potential consumers or hold focus groups for each demographic and describe the product and see what they would be comfortable paying for that specific product and then once the interviews are done the firm could average the outcomes and determine price. The interval scale allows for the collection of numerical data and allows you to calculate the mean, median, mode, and standard deviation of the scale. This would give the best affordable price for the firm.

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Week 4 Draft 4 Reference Hair, J., Ortinau, D., & Harrison, D. (2023). Essentials of Marketing Research. McGraw Hill Higher Education. Pathak, V. (2021, September 13). Importance of Sampling in Market Research . Retrieved from Unimrkt Research: https://www.unimrkt.com/blog/importance-of-sampling-in-market- research.php#:~:text=Sampling%20can%20not%20only%20help,as%20per%20their %20current%20requirements. Williams, J. (2023, July 22). Top 5 pricing methods to help price your product . Retrieved from Survey Monkey: https://www.surveymonkey.com/market-research/resources/top-pricing- methods-to-help-price-your-product/#:~:text=Customer%20survey%20data.,will %20likely%20spend%20with%20you.

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