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Market research
This is the process of collecting, recording and analysing data about customers, competitors and the market
Primary research
The collection of first-hand data that is directly related to a firm's needs
Secondary research
The collection of data from second-hand sources
Qualitative research
Research into the in-depth motivations behind consumer buying behaviour or opinions
Quantitative research
Research that leads to numerical results that can be statistically analysed
Focus groups
A group of people who are asked about their attitude towards a product, service, advertisement, or new style of packaging
Sample
The group of people taking part in a market research survey, selected to be representative of the overall target market
Random sampling
Every member of a target population has an equal chance of being selected
Systematic sampling
Every 'nth item in the target market is selected for sampling
Stratified sampling
Draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum
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