Market research

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What is market research?
Market research is the collection and analysis of market information like customer likes/ dislikes
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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
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What is quantitative data?
Data in numerical statistics
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What is qualitative data?
Data that looks at feelings and motivations of customers
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What is primary data?
Collection of new, previously non-existent data by a business
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What is secondary data?
Analysis of existing data
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Adv + Disadv of primary data
Data is exclusive to the business who researched it, however it is expensive and takes up recources
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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Easier, faster and cheaper, however it is not specific to the business product and may be inaccurate due to being out of date or containing errors
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What is a sample?
A smaller number of people used to represent the whole market.
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Simple random sample
Names picked randomly from list
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Stratified sample
The population is split into groups, people are selected from each group, number of people picked is proportional to group size
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Quota sample
People are picked to fit a category e.g. mums 30 -40
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Other cards in this set

Card 2

Front

3 reasons why market research is conducted

Back

1. Helps a business spot opportunities 2. Helps them decide what to do next 3. Lets them see if plans are working

Card 3

Front

What is quantitative data?

Back

Preview of the front of card 3

Card 4

Front

What is qualitative data?

Back

Preview of the front of card 4

Card 5

Front

What is primary data?

Back

Preview of the front of card 5
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