Market research 0.0 / 5 ? Business StudiesMarketing and competitive environmentsASAll boards Created by: hamishcCreated on: 06-04-16 21:35 What is market research? Market research is the collection and analysis of market information like customer likes/ dislikes 1 of 12 3 reasons why market research is conducted 1. Helps a business spot opportunities 2. Helps them decide what to do next 3. Lets them see if plans are working 2 of 12 What is quantitative data? Data in numerical statistics 3 of 12 What is qualitative data? Data that looks at feelings and motivations of customers 4 of 12 What is primary data? Collection of new, previously non-existent data by a business 5 of 12 What is secondary data? Analysis of existing data 6 of 12 Adv + Disadv of primary data Data is exclusive to the business who researched it, however it is expensive and takes up recources 7 of 12 Adv + Disadv of secondary data Easier, faster and cheaper, however it is not specific to the business product and may be inaccurate due to being out of date or containing errors 8 of 12 What is a sample? A smaller number of people used to represent the whole market. 9 of 12 Simple random sample Names picked randomly from list 10 of 12 Stratified sample The population is split into groups, people are selected from each group, number of people picked is proportional to group size 11 of 12 Quota sample People are picked to fit a category e.g. mums 30 -40 12 of 12
Comments
No comments have yet been made