Data collection Flashcards
Explain the term primary research
Information that is collected from an individual conducting their own research, rather than using existing data e.g website. Although this is time-consuming and costly than using secondary research, it can be tailored to target audiences in relation to the business
Internal primary data - Sales figures, production costs, employee records
External primary data - Customer response from free trials, surveys/questionnaires
Explain the term secondary research
Information collected by other individuals that has been previously published e.g statistics or websites. This is easier, cheaper and quicker to find but will not be specifically related to the businesses goals and may not be up to date
Internal secondary data - reports from sales, past market research
External secondary data - websites, books, newspapers
What is storage of information/ regulatory/ ethical issues ?
The way in which a business protects their own and customer data through security and legislation. This is so customers have confidence and trust within the business and avoid fines
Why is the analysis of data important ?
So businesses can make effective decisions through planning ( what do they want to find out), identifying ( how to find this out) and prepare ( how to analyse the data)
Examples of data analysis : comparison and evaluation methods to determine usefulness and invest in better systems for better data analysis
