Conducting start-up market research

Question 1

What is primary market research data?

Answer 1

Data collected by the entrepreneur, or paid to be collected, which does not already exist.

Question 2

What is secondary market research data?

Answer 2

Data that already exists that has been collected specifically for the purpose of the entrepreneur.

Question 3

What is random sampling?

Answer 3

One in which each potential member of a group has a equal chance of being in the sample

Question 4

what is quota sampling?

Answer 4

This is not random, as not everyone has a equal chance of being in it, and the results cannot be used to predict the behavior of everyone.

Question 5

What is stratified sampling?

Answer 5

Popular with researchers as it has the benefits of being random, thus reducing bias, and is not expensive or difficult as a full random sample.

Question 6

What is qualitative data?

Answer 6

Data about opinions, attitudes and feelings. It is usually expressed in terms of why people feel or behave the way they do.

Question 7

What is quantitative data?

Answer 7

Data in numerical form. An example of this is 8 out of 10 owners who expressed a preference said their cats preferred whiskers. Usually collected from larger scale research in order to generate statistically reliable results.

Question 8

Techniques to collect quantitative data

Answer 8

Questionnaires
Telephone surveys
Online surveys

Question 9

Techniques to collect qualitative

Answer 9

In-depth interviews

Group discussions