BUISINESS MARKETING Flashcards
what is quantitative research and what are its pros and cons
based on how many, and numbers
its pros are that they are far less time consuming and. are a lot easier to collect date on
however the cons are that it doesn’t get into the reasoning behind the answers which may prevent the business from making more critical and profitable decisions
what is qualitative date and what are its pros and cons
qualitative data is based on the reasoning behind the answers and really goes into depth with the people being interviewed
pros are that it goes into a lot more depth with the people being interviewed to then make more educated decisions for the business to then come back with products and services that are more liked by customers
the cons are that it is a lot more time consuming and it results in more cost
what is a sample
a group of respondence in market research
how do you think people may choose a sample give an example
they may choose people from the same demographic relative to the business, for example a business who’s target audience is middle aged men may sample mainly middle aged men
what is a random sample
when everyone has an equal chance of being asked
what is a quota sample
ask population relative to a business
what is stratified
stratified is both, for example take random samples of a demographic, for example every other black person you see may get asked
what are the benefits of sampling
it is flexible and can give good representations of the population if done correctly with certain topics
what are the drawbacks of sampling
it may not be representative of the population as ever person is different
what are the three different types of correlations in scatter graphs
positive, negative and no correlation
what is the difference between a strong and weak correlation
a strong correlation has results that are more compact and less scattered therefore a lot clearer, however weak correlations results are a lot less direct with results and are usually more scattered around the graph
what is extrapolation
it is predictions for the future of a business based off date from the past
what are the pros and cons of extrapolation
the pros of extrapolation are that it is easy to do and understand and it is based off date
however the cons are that it is based of past data so therefore it can not accurately predict the future as anything could happen (external or internal factors)
what are confidence levels
the level of certainty of a prediction for future of business
what are confidence intervals based on
- the size of sampling
-the method of sampling
the confidence levels also influence the margin of possibility, the more confident the smaller the margin is of potential different outcomes
