Using Market Research Data Flashcards

All 9 cards in this deck

What is qualitative data?

Data expressed as opinions and descriptive information, gained from open-ended questions.
e.g. customers' opinions of a product.

True or false? Quantitative data tells a business exactly what customers think of a product.

False. Quantitative data lacks specific opinions; qualitative data gives customers' reasons and views.

What is market size?

The total sales of all businesses in a market, measured by value (sales revenue) or volume (units sold).

What is the formula for market share?

$\text{market share} = \frac{\text{sales of the business}}{\text{total sales in the market}} \times 100$

What is the formula for percentage change in a figure such as sales?

$\text{percentage change} = \frac{\text{change}}{\text{original value}} \times 100$

Name two business decisions that market research findings can help a business make.

Whether to make changes to a product, add new products to its range, or change location.

What can happen if a business bases decisions on unreliable market research data?

Unwise decisions, wasted money, unsold products and even business failure.

True or false? Qualitative market research data can usually be presented in a graph or chart.

False. Qualitative data is descriptive and cannot easily be shown in a graph or chart; quantitative (numerical) data is what is displayed in graphs and charts.

What are the steps to interpret market research data shown in a table or chart?

e.g. a table of a café's customer numbers for 2022, 2023 and 2024

1. Read the title, headings and units — the figures are customers per year.
2. Compare the figures to spot the trend — customer numbers rise each year.
3. State what it means for the business — demand is growing, so the café could open for longer hours.