use of data in market research

what are the types of data

qualitative data- data that is not numerical and based on opinions

quantitative data- data that is in numerical data

why is it important for business to get these two

helps with business decision making

shows customers needs

what are the advantages and disadvantages of businesses using social media for market research

advantages

• people can engage using comments

• large sample size

disadvantages

• comments can be negative

• time consuming to analyse data

what are the factors that make data reliable

up to date (data collected should happen as current as possible)

bias (make sure its a large sample to remove bias)

accuracy (questions need to be clear)