AICE Business Chapter 18 Vocab

Market Research

The process of collecting, recording, and analysing data about customers, competition, and the market

Primary Research

The collection of first-hand data that is directly related to the needs of the business

Secondary Research

The use of existing data that was originally collected for another purpose

Qualitative Data

Non-numerical data that provides insight into the detailed motivations of consumers and helps explain their buying patterns

Quantitative Data

Numerical data that can be statistically analysed

Sampling

The process of selecting a group of respondents from a larger population

Sample

A group of people participating in a market research survey to represent the target market

Sampling Bias

When a sample isn’t a good representative of the larger population because it was chosen in ways where some people had a greater chance of being selected

Arithmetic Mean

The value calculated by adding all the results and dividing by the number of results

Mode

The value that occurs most frequently in a data set

Median

The value of the middle term when the data has been ordered from least to greatest

Range

The difference between the highest and lowest value

Coding

The process of labeling and organising qualitative data to identify the main themes and the links between them