Market Research Flashcards
Market Research
The collection, collation and analysis of data and information regarding a particular market
Marketing
The management process that allows firms to identify, anticipate and fulfil customers needs profitably
Primary market research
The collection of first hand data for a specific purpose
Secondary market research
The use of data that already exists as it has already been collected by the organisation
Internal secondary data
The use of back-data that already exists within a business and was collected originally for other purposes, eg. financial records
External secondary data
The use of data collected for other purposes from sources outside of the business
Qualitative research
The gathering of non-statistical research that gives in-depth insight into the opinions of respondents and reasons for human behaviour
Quantitative research
The gathering of statistical market research data
Sample
A representative section of the whole population that is studied for research purposes
Random sample
A representative group of the whole population selected to be studied where each individual in the population has an equal chance of being selected
Quota sample
The people chosen reflect the characteristics of the target market eg. 60% males in target market so 60% males in sample
Stratified sampling
A group to be studied selected from a specific sub-selection (strata) of the population, eg. females aged 18-25. All the people in this sub-section have an equal chance of being chosen
Bias
A factor that causes research findings to be unrepresentative of the population as a whole eg. sample too small, leading questions
Confidence level
How likely it is that the data collected is representative of the views of the whole population
