18 - Market research

Question 1

Define Market research

Answer 1

the process of collecting, recording and analysing data about customers, competitors and the market

Question 2

Define Primary research

Answer 2

the collection of first-hand data that is directly related to the needs of the business

Question 3

Define Secondary research

Answer 3

the use of existing data that was originally collected for another purpose

Question 4

Define Qualitative data

Answer 4

non-numerical data, which provides insight into the detailed motivations of consumers and helps to explain their buying behaviour or opinions

Question 5

Define Quantitative data

Answer 5

numerical results from research that can be statistically analysed

Question 6

Define Sampling

Answer 6

the process of selecting a group or respondents from a larger population

Question 7

Define Sample

Answer 7

a group of people taking part in a market research survey selected to be representative of the overall target market

Question 8

Define Sampling bias

Answer 8

when a sample is not a good representation of the whole population, because it is chosen in ways which give some people a greater chance of being selected

Question 9

Define Arithmetic mean

Answer 9

the value calculated by totalling all the results and dividing by the number of results

Question 10

Define Mode

Answer 10

the value that occurs most frequently in a sat of data

Question 11

Define median

Answer 11

the value of the middle item when data has been ordered or ranked. it divides the data into two equal parts

Question 12

Define Range

Answer 12

the difference between the highest and lowest value

Question 13

Define coding

Answer 13

the process of labeling and organising qualitative data to identify the main themes and the links between them