Name three ways as to why Market Research is carried out.
To find out about products and product development, to find out what and why customers purchase certain products, and to find out about competitor's actions and products.
1 of 18
What is Qualitative research?
Qualitative research is data that is subjective. It tends to find out mainly why customers make certain purchasing decisions.
2 of 18
What is Quantitative research?
Quantitative research is data which is factual. It tends to find out information that can be put into numerical form, such as graphs and charts.
3 of 18
What is Primary data?
Information that doesn't already exist. It's collected for a specific purpose.
4 of 18
Name three different types of business related primary research.
Surveys, observations, loyalty cards, panel and group discussions and test marketing.
5 of 18
What is Secondary data?
Information which is second-hand. It has been gathered by someone else.
6 of 18
Name one source of Secondary data.
Department of Business, Enterprise and Regulatory Reform (BERR) or Government statisctics, such as the Census.
7 of 18
List three advantages of Primary data.
It's targeted at a specific issue. It can assess buyer psychology. It's up-to-date.
8 of 18
List two disadvantages of Primary data.
It can be expensive to carry out. There is a risk of bias if it is not carried out properly.
9 of 18
List three advantages of Secondary data.
It can be obtained for free or very cheaply. It can provide a good overview of certain markets. Secondary data is usually based on accurate and reliable figures.
10 of 18
List three disadvantages of Secondary data.
It is not tailored to meet a specific issue. Information may be outdated. the original data may be bias.
11 of 18
Name the six sampling methods.
Random, Stratified, Cluster, Systematic, Quota and Convenience.
12 of 18
What is Random Sampling?
Where names are picked at random from a list of the whole population of interest.
13 of 18
What is Stratified Sampling?
When the population is divided into segments based on aspects such as age, gender or income.
14 of 18
What is Cluster Sampling?
When a population is broken down into smaller groups. e.g. Residents of individual counties within the UK population.
15 of 18
What is Systematic Sampling?
It involves choosing a starting point in the sampling frame (the population being surveyed) and selecting every nth value. e.g every 9th name.
16 of 18
What is Quota Sampling?
When the samples are selected by the interviewer, who has to meet a 'quota'. e.g. "Interview 20 women aged between 20 and 34".
17 of 18
What is Convenience Sampling?
Usually carried out by businesses with limited funds. Involves sampling consumers who are most easily contacted. however bias is a clear problem with this method of sampling.
18 of 18
Other cards in this set
Card 2
Front
What is Qualitative research?
Back
Qualitative research is data that is subjective. It tends to find out mainly why customers make certain purchasing decisions.
Card 3
Front
What is Quantitative research?
Back
Card 4
Front
What is Primary data?
Back
Card 5
Front
Name three different types of business related primary research.
Comments
No comments have yet been made