4.4 Market Research

Market research

Gathering information to aid marketing decisions.

Primary market research

The collection of new and original data for a specific purpose.

Secondary market research

The use of existing data that has already been collected by others.

Quantitative research

Research that collects numerical data that can be measured and counted.

Qualitative research

Research that collects non-numerical data such as opinions and motivations.

Population

The total group of people relevant to a research study.

Sample

A representative subgroup of the population selected for research.

Sampling method

The technique used to select a sample from a population.

Probability sampling

A sampling method where every individual has an equal chance of selection.

Non-probability sampling

A sampling method where not all individuals have an equal chance of selection.

Random sampling

A probability sampling method where participants are selected randomly.

Quota sampling

A non-probability sampling method where samples are chosen to match population proportions.

Convenience sampling

A non-probability sampling method using participants who are easiest to access.

Sampling bias

When some members of the population are more likely to be selected than others.

Survey

A research process used to collect data from respondents.

Questionnaire

A set of written questions used to conduct a survey.

Interview

A qualitative research method involving direct questioning of respondents.

Focus group

A small group interview used to gather detailed qualitative data.

Observation

A research method where customer behaviour is watched and recorded.

Market analysis

A detailed report on a specific market or industry.

Academic journals

Publications containing peer-reviewed academic research and theory.

Government publications

Official data released by governments such as economic or population statistics.

Media articles

News and business reports published by newspapers and magazines.

Online content

Digital sources such as social media analytics and company websites.

STEEPLE analysis

An analysis of Social, Technological, Economic, Environmental, Political, Legal and Ethical factors.

Ethics

Moral principles that guide behaviour and decision-making.

Data protection laws

Laws that regulate how personal data is collected and used.

Mean

The average value of a data set.

Median

The middle value in an ordered data set.

Mode

The most frequently occurring value in a data set.

Standard deviation

A measure of how spread out data is from the mean.

Outlier

A data value that lies far outside the normal range.

Bar chart

A chart used to compare values between categories.

Pie chart

A circular chart showing proportions of a whole.

Infographic

A visual representation of data or information.

Quartiles

Values that divide a data set into four equal parts.

Correlation

A relationship between two variables.

Causation

A relationship where one variable directly causes another.

Cherry picking

Selecting only data that supports a desired conclusion.

Marketing mix (7Ps)

Product Price Promotion Place People Process Physical evidence.

R&D (Research and Development)

The process of developing and testing new products.

GIGO (Garbage In, Garbage Out)

The idea that poor data input leads to poor output.