chapter 18 market research

Question 1

market research

Answer 1

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

Question 2

primary research

Answer 2

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

Question 3

secondary research

Answer 3

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

Question 4

qualitative data

Answer 4

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

Question 5

quantitative data

Answer 5

numerical results from research that can be statistically analysed

Question 6

sampling

Answer 6

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

Question 7

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

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

arithmetic mean

Answer 9

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

Question 10

mode

Answer 10

the value that occurs most frequently in a set of data

Question 11

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

range

Answer 12

the difference between the highest and lowest value

Question 13

coding

Answer 13

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