Business Studies Collins Revision Guide. - StudyGuide.PK

MARKET RESEARCH (4)Sampling●●●●A business can only ask a small proportion of the whole targetmarket it is aiming at. Sampling is a method of choosing those whoshould be asked.A random sample is where a percentage of the market isapproached, with everyone having an equal chance of being asked.A quota sample is where a specified number of each marketsegment is chosen according to the number of people in eachsegment.A targeted sample is where a particular group of consumers ischosen and only those people asked.Analysing the results●●●●Qualitative information is information that is given in depth to thequestions asked. The information can be very useful but is oftendescriptive and cannot be shown by a graph or easily analysed.Quantitative information contains results that are easily added upand can be shown on a graph and analysed.Always be careful how you interpret market research findings. Justbecause something is on a graph does not make it true!In a pre-issued case study you may be given information that isdeliberately unhelpful to the business. If you spot this, try to referto the quality of the information given. For example, you may betold that a business asked ten people if they would buy CDs beforesetting up the business of a music shop. You should point out thatthe sample was too small to be significant.55