BUS 343 W4 Market Research

Market Research

The process of collecting and analyzing information to help merketers make better decisions

Data

Facts and observations that have not yet been organized or interpreted

Information

Data that has been processed and organized so it becomes meaningful and useful

Knowledge

Understanding patterns and insights form information that can help explain why something is happening

Wisdom

The ability to apply knowledge and experience to make effective decisions

Data-Informed Decision Making

Using data and research findings to guide business decisions instead o freling only on intuition or guesses

Secondary Data

Information that already exists and was collected by someone else for another purpose

Primary Data

Information collected for specific purpose

Reliability

Extent in which the same result is achieved when a study is repeated in identical situation

Validity

Extent to which a study measures what it is supposed to measure

Qualitative Research

To explore ideas or understand persepectives

Quantitative Research

To test hypotheses or specific concepts

Ethnography

A research method where researchers observe consumers using a product in their natural environment to understand their behavior

Sampling

The process of selecting people to participate in a research study

Random Sampling

A selection process where each member of a population has an equal chance of being chosen for the sample

Data Saturation

The point at which collecting more data provides little or no new insights

Controlled Experiment

Research method used to determine a cause-and-effect relationship by exposing different groups to different stimuli and measureing the differnces in their responses

A/B Testing

A method of comparing two versions of something to determine which performs better