AICE Business Ch. 18

The process of collecting and recording and analyzing data about customers, competitors and the market

• data mining

• market research

• qualitative data

• economic process

the collection of first hand data that is directly related to the needs of the business

• qualitative research

• secondary research

• quantitative research

• primary research

the use of existing data that was originally collected for another purpose

• qualitative research

• secondary research

• quantitative research

• primary research

non numerical data, which provides insight into the detailed motivations of consumers and helps to explain their buying behavior or opinions

• qualitative research

• secondary research

• quantitative research

• primary research

numerical results from research that can be statistically analyzed

• qualitative research

• secondary research

• quantitative research

• primary research

the process of selecting a group of respondents from a larger population

• sample

• sampling bias

• sampling

• range

when a sample is not a good representation of the whole population, because it is chosen in ways which give some people a greater chance of being selected

• sample

• sampling bias

• sampling

• range

a group of people taking part in a market research survey selected to be representative of the overall target market

• sample

• sampling bias

• sampling

• range

the value calculated by adding all the results and dividing by the number of results

• mode

• range

• median

• arithmetic mean

the value that occurs most frequently in a set of data

• mode

• range

• median

• arithmetic mean