AQA AS BUSS 1 key terms for Conducting start-up market research

Marketing: the anticipation and satisfying of customers’ wants in a way that delights consumers and meets the needs of the organisation.
Market research: the systematic and objective collection, analysis and evaluation of information that is intended to assist the market process
Primary Market Research: the collection of information first-hand for a specific purpose
Secondary Market Research: the use of information that has already been collected for a different purpose
Qualitative market research: the collection of information about the market based subjective factors such as opinions and reasons
Quantitative market research: the collection information about the market based on numerical data
Sample: a group of respondents or factors hose views or behaviour should be representative of the target markets as a whole
Random Sample: a group of respondents in which each member of the target population has an equal chance of being chosen
Quota sample: a group of respondents comprising several different segments, each sharing a common features (age, gender). The number of interviewees in each classification is fixed to reflect their percentage in the total target population, but the interviewees are selected non-randomly by the interviewer.
Stratified Sampling: a group of respondents selected according to particular features (age, gender) unlike quota sampling, where the final selection is left to an interviewer, in stratified sampling the sub-groups and their sizes are chosen specifically.