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Business AS CIE

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  1. enterprise as
    6 主题
  2. business-structure as
    6 主题
  3. size-of-business as
    3 主题
  4. business-objectives as
    3 主题
  5. stakeholders-in-a-business as
    2 主题
  6. human-resource-management as
    8 主题
  7. motivation as
    4 主题
  8. management as
    2 主题
  9. the-nature-of-marketing as
    7 主题
  10. market-research as
    3 主题
  11. the-marketing-mix as
    6 主题
  12. the-nature-of-operations as
    3 主题
  13. inventory-management as
    2 主题
  14. capacity-utilisation-and-outsourcing as
    1 主题
  15. business-finance as
    2 主题
  16. sources-of-finance as
    3 主题
  17. forecasting-and-managing-cash-flows as
    1 主题
  18. costs as
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  19. budgets as
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课 10, 主题 3
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market-research market-research-data

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Exam code:9609

Reliability of market research data

  • Market research is a valuable tool that helps businesses make informed choices about, for example, product development, pricing and promotion

  • However, if the data collected is unreliable, it can lead to poor decisions that waste time, money and resources

Why market research data can be unreliable

Reason

Explanation

Example

Respondents may not give truthful or accurate answers

  • People might give answers they think sound good, rather than what they truly believe. Others may guess or not take the questions seriously

  • A customer claims they would buy an eco-friendly product to appear responsible, but they don’t actually plan to

Questions may be poorly designed or unclear

  • If the wording is confusing, too vague, or biased, responses can be inconsistent or misleading

  • A survey asking “Do you like affordable luxury?” may be interpreted differently by each person

Secondary data may be outdated or collected for a different purpose

  • Existing data might not reflect current trends, or it may have been gathered with different goals in mind

  • A business uses a 2019 report on travel habits, which doesn’t reflect post-pandemic behaviour

Data collection methods may be inconsistent or poorly managed

  • Mistakes in how the research is conducted, recorded or analysed can reduce reliability

  • An interviewer forgets to record some answers or enters the wrong data into a spreadsheet

Analysis of quantitative and qualitative market research data

Quantitative data

  • Quantitative data is based on numbers

    • It could include financial reports (e.g. sales, costs), market data (e.g. market share) or summaries of data gained from primary research (e.g. on a scale of 1–10, rate our customer service)

  • It is beneficial for a range of reasons

    • Percentages, scores, or yes/no answers are straightforward to organise, compare and present using graphs or charts

    • Large amounts of numerical data can reveal clear patterns in customer behaviour over time

      • E.g. A clothing retailer may notice that online sales increase by 20% every November, helping them plan future promotions

Analysis of quantitative data using mean, median, mode and range

Term

Definition

How to calculate

Example

Mean

  • The average of a set of numbers

  • Add all the numbers together, then divide by how many numbers there are

Data colon space 4 comma space 6 comma space 8 space space Mean space equals space left parenthesis 4 space plus space 6 space plus space 8 right parenthesis space divided by space 3 space space equals space 6

Median

  • The middle value when the numbers are in order

  • Arrange the data from smallest to largest and find the middle number

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Median space equals space 5 space space space Data colon space 3 comma space 5 comma space 7 comma space 9 space space
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