Market research is the collection and analysis of data and information about a business's market
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What is primary market research?
Primary market research is where the data is collected first hand by the business and is therefore original
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What is secondary market research?
Secondary market research is the use of research which has already been carried out by another organisation and therefore already exists for the business to use.
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What are some examples of primary market research?
Surveys and questionnaires, Indepth interviews, Focus groups, observations
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What are some example of secondary market research?
The internet, Newspapers, International bodies, Trade unions, National and local government
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What is qualitive data?
Qualitive data is non-statistical data such as peoples opinons and reasons for liking a certain product
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What is quantitive data?
Statistical information which gives a business information about peoples behaviour and also very good for analysis
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What is market mapping?
Market mapping is a technique which allows a business to put other products in the market on a graph of two characteristics and can be used to identify gaps in the market
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What is random sampling?
A sample chosen completely random from the population and every individual is just as likely to be chosen
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What is quota sampling?
The population is segmented into subgroups and then a judgement is made to select respondents that are representative of that subgroup
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What is stratified sampling?
The population is first segmented into subgroups before respondents are randomly selected from with that group
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Other cards in this set
Card 2
Front
What is primary market research?
Back
Primary market research is where the data is collected first hand by the business and is therefore original
Card 3
Front
What is secondary market research?
Back
Card 4
Front
What are some examples of primary market research?
Back
Card 5
Front
What are some example of secondary market research?
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