3.2 Market Research

Question 1

Market research

Answer 1

The process of collecting, recording and analyzing data about the customers, competitors and the market.

Question 2

Qualitative research

Answer 2

Research into the in-depth motivations behind consumer buying behavior or opinions.

Question 3

Quantitative research

Answer 3

Research that leads to numerical results that can be statistically analyzed.

Question 4

Focus groups

Answer 4

A group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging.

Question 5

Sampling

Answer 5

This draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum.

Question 6

Random sampling

Answer 6

Every member of the target population has an equal chance of being selected.

Question 7

Systematic sampling

Answer 7

Giving a required rate of return at a certain level of output.

Question 8

Quota sampling

Answer 8

When the population has been stratified and the interviewer selects an appropriate number of respondents in each stratum.

Question 9

Cluster sampling

Answer 9

Using one or a number of specific groups to draw samples from and not selecting from the whole population.