104 Market research

Question 1

Market research

Answer 1

The process of gathering primary and secondary data on potential customer attitudes, lifestyles, buying habits etc

Question 2

Primary research

Answer 2

Gathering first hand information directly relevant to the business (1) Such as questionnaires, focus groups, observations (1)

Question 3

Secondary research

Answer 3

Uses previously collected information not gathered by the business but used for their own needs (1) Such as publications, magazines and online research

Question 4

Qualitative data

Answer 4

Data referring to attitudes, beliefs and opinions (1) Such as open questionnaires and interviews

Question 5

Quantitative data

Answer 5

Data or facts that can be tested (1) In the form of mathematical/numerical data (1)

Question 6

Sampling

Answer 6

When researchers take a selection of the populations (1) Who represent the entire population (1) Examples are quota and random

Question 7

Quota Sampling

Answer 7

Population being segmented into specific groups with the same characteristics and a number selected from each group

Question 8

Random Sampling

Answer 8

Sunset of statistical population where every member has an equal chance at being interviewed

Question 9

Bias

Answer 9

Something that may cause data to be weighed towards one side