1.3

Question 1

Name types of information

Answer 1

Internal data
External data 
Qualitative and quantitative data 
Historic and forecasted data
Primary and secondary data

Question 2

What is internal data

Answer 2

Internal data is data that is inside the business

Question 3

What is external data

Answer 3

Data that is outside of the business

Question 4

Examples of internal data

Answer 4

Sales data

Stock level

Question 5

Examples of external data

Answer 5

Government statistics

Market research data

Question 6

Using information that is outside a business means that…

Answer 6

There may be lots of information available

Can help a business understand their customers and market

Question 7

potential problems of using external data

Answer 7

can be costly
time consuming
too much data

Question 8

what is quantitive data

Answer 8

data expressed in quantities eg; statistical information

Question 9

What is qualatitive data

Answer 9

data related to opinions

eg; views about the quality of a product

Question 10

advantages of quantitive data

Answer 10

Larger amounts of data can be analysed

trends and patterns can be identified

Question 11

Disadvantages of quantitve data

Answer 11

Provide facts but not reasoning behind the facts

statistical data can be misunderstood or misrepresenting

Question 12

advantages of qualitative data

Answer 12

More detailed info can be obtained
detail can provide market insight
can give better understanding of consumer behaviour

Question 13

disadvantages of qualitative data

Answer 13

Data collected is subjective and may not represent the whole market
can be more difficult to analyse the data

Question 14

what is primary data

Answer 14

new data collected by the business itself

eg; questionnaire on customer preference

Question 15

what is secondary data

Answer 15

existing information that has been collected by another party and is widely available

eg; newspapers or government statistics or MINTEL

Question 16

Advantages of primary data

Answer 16

data tailored to the needs of the business

unique and not made available to competitors

Question 17

disadvantages of primary data

Answer 17

costly

time consuming

Question 18

advantages of secondary data

Answer 18

easier and cheaper to collect

widely available and large amounts of data to collect

Question 19

disadvantages of secondary data

Answer 19

time consuming to find and analyse data

not spefically tailored to the needs of the business

Question 20

what is historic data

Answer 20

data that has actually happened in the past and is factual and specific

Question 21

Examples of historic data

Answer 21

Internal sales data eg cash flow statements

Question 22

what is forecasted data

Answer 22

data that is predicted that will happen in the future

Question 23

examples of forecasted data

Answer 23

Predicted sales figure

eg, cash flow forecast