IB DT: Topic 9.4: Market Research

for ppqs/ppt go to https://docs.google.com/presentation/d/1eWpqhhwsh9cjhNB596mW6gaom3YRRH0OG8L7kbiBdkg/present?slide=id.g1043a3a28f4_0_150

What is market research?

The systematic gathering of data about individuals or organisations using statistical analysis and techniques to support decision making.

Often uses online polls and surveys to seek feedback and gauge customer interest.

What is qualitative data?

Data that can be observed and recorded. Non-numerical.

What is quantitative data?

Data in the form of counts or numbers where each dataset had a unique numerical value associated with it.

What is a user trial?

The observation of people using a product and collection of comments from people who have used a product.

What is user research?

Obtaining users’ responses through surveys and interviews

What is expert appraisal?

The reliance on the knowledge and skills of an expert in the operation of a product.

What is perceptual mapping?

A tool to quickly compare a product to others in the market using graphical representation.

What is environment scanning?

The study and interpretation of the political, economic, social and technological events and trends that influence a business, industry or market.

What does market research help us to understand?

• Demographic

• User wants and needs

• Demand for a product

• Market size