Business chap 3 key term17 3.0 / 5 based on 1 rating ? BusinessMarket researchASCIE Created by: ngaelsaCreated on: 20-04-17 13:37 Market research the process of collecting, recording and analysing data about customers, competitors and the market 1 of 19 Primary research collection of first-hand data that is directly related to the firm's needs 2 of 19 Secondary research collection of data from existing second-hand sources like company's record, government publication, library,... 3 of 19 Qualitative research research into the in-depths motivation behind customer's buying habit 4 of 19 Quantitative research research that leads to numerical results that can be statically anaalysed 5 of 19 Focus group group of people who are asked about their attitude toward a product, service, advertisement,... 6 of 19 Sample group of people taking part in the market research survey selected to be representative of the overall market 7 of 19 Random sampling every member of the target population has an equal chance of being selected 8 of 19 Systematic sampling every nth term in the target population is selected 9 of 19 Stratified sampling this draws a sample from a specified sub-group of a population and uses random sampling to select an appropriate number from each stratum 10 of 19 Quota sampling when the population has been stratified and the interviewer selects an appropriate number of respondents from each stratum 11 of 19 Cluster sampling using 1 or a number of specific groups to draw samples from and not selecting from the whole population. Ex: a region, town 12 of 19 Open question questions that invite a wide-ranging and imaginative responses which is difficult to collate and present numerically 13 of 19 Closed question questions to which a limited number of pre-set answers are offered 14 of 19 Arithmetic mean sum of all results / number of results 15 of 19 Mode value that occurs most frequently in a set of data 16 of 19 Median value of middle item when the data has been ordered or ranked 17 of 19 Range the difference between the highest and lowest value 18 of 19 Interquartile the range of middle 50% of the data 19 of 19
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