Understanding markets and customers Flashcards
1
Q
Advantages of primary market reseach?
A
Helps a business minimise risk and stay ahead of competition
2
Q
Advantages of secondary market research
A
- ease of access
- low cost aquire
- may help clarify research questions
3
Q
What is sampling?
A
getting an opinion from a specific group in order to represent the whole group
4
Q
Factors that influence the value of sampling
A
- the size of the sample group
- the type of people being sampled
5
Q
What is a confidence interval?
A
its a type of interval estimate of a population
6
Q
What is extrapolation?
A
predicting future data based on past data
7
Q
what does +1 indicate in terms of correlation?
A
A strong positive correlation
