Market Research and Data Presentation Flashcards

Vocabulary flashcards covering primary and secondary market research methods, sampling strategies, data presentation techniques, and basic statistical analysis.

Market Research

The process of collecting, analysing and interpreting information about a product before key decisions are made.

Quantitative Data

Numerical market research data, such as what percentage of teenagers in a city have internet access.

Qualitative Data

Opinion or judgement data gathered in market research, such as explaining why more women buy a company's product than men.

Primary Market Research (Field Research)

The collection of first-hand data that is directly related to the business's situation, gathered from existing or potential customers.

Questionnaires

A primary research method conducted face-to-face, through telephone, post, or internet to obtain detailed information and consumer opinions.

Interviews

A primary research method where an interviewer asks ready-made questions, gathers detailed responses, and interprets body language.

Focus Groups

A group of people representative of the target market who agree to provide information about a particular product or general spending patterns over time.

Observation

A primary research method taking the form of recording, watching, or auditing consumer actions to gather basic quantitative figures.

Secondary Market Research (Desk Research)

The collection of data from second-hand, already published sources made available by others.

Internal Sources of Secondary Information

Secondary data sources located within the business, including sales records, pricing data, customer records, finance reports, and customer service feedback.

External Sources of Secondary Information

Secondary data sources outside the business, including government statistics, newspapers, trade associations, market research agencies, the internet, and libraries.

Sample

The group of people taking part in a market research survey selected to be representative of the overall target market.

Sampling

The process of selecting a small percentage of a population to conduct market research on, saving time and money.

Random Sampling

A sampling method where individuals from a target population list are assigned numbers and chosen at random by a computer to eliminate bias.

Stratified Sampling

A sampling method where subjects are divided into subgroups (strata) based on shared characteristics, and then chosen at random from each subgroup using another probability sampling method.

Quota Sampling

A non-random sampling method where subjects are selected based on specific characteristics such as age, gender, or location, which can result in bias.

Tally Tables

Data handling methods used to record data in its original form, making it easy to understand and interpret.

Charts

Data presentation tools showing total figures for each piece of data in bar/column charts or proportions in pie charts.

Graphs

Data presentation tools used to show the relationship between two sets of data and help compare information in a clear and easy to understand way.

Mode

The most repeated statistic in numerical data analysis, showing the most likely outcome.

Range

The statistical difference between the smallest number and the largest number in a dataset.

Mean

The average amount calculated by adding all numbers together and dividing by the total count of numbers.

Median

The middle amount in numerical data analysis when all numbers are lined up from smallest to largest.

Interquartile Range

A measure in statistical analysis defined as the 75% amount minus the 50% amount ($IQR = Q_3 - Q_1$).