Market research Flashcards
Definitions
Market research
The process of collecting, recording and analysing data about customers, competitors and the market.
Primary research
The collection of first-hand data that is directly related to the needs of the business.
Secondary research
The use of existing data that was originally collected for another purpose.
Qualitative data
Non-numerical data, which provides insight into detailed motivations of consumers and helps to explain their buying behaviour or opinions.
Quantitative data
Numerical results from research that can be statistically analysed.
Sampling
The process of selecting a group of respondents from a larger population.
Sample
A group of people taking part in a market research survey selected to be representative of the overall target market.
Sampling bias
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.
Arithmetic mean
The value calculated by totalling all the results and dividing by the number of results.
Mode
The value that occurs most frequently in a set of data.
Median
The value of the middle item when data has been ordered or ranked. It divides the data into two equal parts.
Range
The difference between the highest and lowest value.
Coding
The process of labelling and organising qualitative data to identify the main themes and the links between them.
