4.4-market research

What is market research?

The objective collection, compilation, and analysis of information about a market.

What is primary market research?

The collection of new, first-hand information directly from consumers in the target market.

What is secondary market research?

The collection, compilation, and analysis of data that already exists.

Quantitative vs qualitative market research data?

Quantitative: numerical/measurable data.
Qualitative: descriptive information about opinions, perceptions, feelings, and reasons.

What is sampling in market research?

Selecting a group of people from a research population to collect data that can be used to draw conclusions about the wider population.

What is quota sampling?

Selecting respondents according to predetermined proportions of different groups in the population to create a representative sample.

What is random sampling?

A sampling method in which every member of the research population has an equal chance of being selected.

What is convenience sampling?

Selecting respondents who are easiest to access and willing to participate.