Market Research

Question 1

market research

Answer 1

The process of gathering primary and secondary data on the buying habits, lifestyles, usage and attitudes of actual and potential customers.

Question 2

primary research

Answer 2

Gathers first-hand information that is new and directly relevant to the needs of the business.
Methods include questionnaires, interviews, focus groups etc

Question 3

secondary research

Answer 3

Involves the use of previously collected information adapted for business use.
Methods include official publications, industry magazines, online desk research etc

Question 4

qualitative data

Answer 4

Data referring to attitudes, opinions, intentions, motives, and beliefs.
Examples include focus groups, open-ended questionnaires, interviews etc

Question 5

quantitative data

Answer 5

Data or facts that can be tested, measured, and info that can be interpreted using figures.

Question 6

sampling

Answer 6

Occurs when researchers take a selection of the population that is representative of the whole population.

Question 7

quota sampling

Answer 7

Involves segmenting the population into specific groups with the same characteristics and selecting a number from each group.

Question 8

random sampling

Answer 8

A subset of a statistical population where every member has an equal chance of being interviewed.

Question 9

bias

Answer 9

Something that may cause data within a sample to be weighted towards one side. occurs when one subgroup outweighs another in a sample.