3.3

Question 1

sales volume

Answer 1

the total number of units of a product or service sold within a specific time period

Question 2

sales value

Answer 2

the total monetary worth of a product or service sold within a specific time frame = number of units sold x respective prices

Question 3

market size

Answer 3

the total value or quantity of a specific product or service that can potentially be sold in a defined market during a given time period

Question 4

market share

Answer 4

the percentage of total sales within a specific market that a particular company or product holds, reflecting its relative position compared to its competition

Question 5

qualitative data

Answer 5

information or data that is descriptive in nature and provides insights into opinions, behaviors and attitudes

Question 6

quantitative data

Answer 6

information or data that numerical in nature and can be measured or quantified

Question 7

primary market research

Answer 7

the process of collecting original data directly from the source through methods like surveys, interviews or observations

Question 8

secondary market research

Answer 8

the process of gathering existing data and information that has already been collected by others, such as industry reports, articles or government publications

Question 9

sampling

Answer 9

the process of selecting a subset of individuals or units from a larger population to represent the whole

Question 10

random sampling

Answer 10

a sampling technique where every member of the population has an equal chance of being selected for the sample