IB Business Management 4.4 Market Research Key Definitions

Academic journals publish research-based articles written by experts.

Convenience sampling involves selecting participants who are easiest to access, such as nearby individuals or those readily available online.

Focus groups bring together a small group of people to discuss a specific topic, guided by a moderator. These sessions are designed to explore diverse perspectives and generate dynamic discussions.

Government publications offer official data on economic, demographic, and industry-specific trends.

Interviews involve direct conversations between an interviewer and a respondent, allowing for detailed exploration of opinions, experiences, and motivations.

Market analyses provide insights into the size, growth, and trends of a market.

Market research is the process of gathering, analysing, and interpreting information about a market, including its customers, competitors, and trends.

Media articles provide timely updates on industry news, trends, and competitor activities.

Observations involve watching and recording behaviors or actions in natural settings without direct interaction. This method provides objective insights into how people act, rather than what they say they do.

Online content includes data from websites, blogs, social media platforms, and other digital sources.

Primary market research involves collecting new data directly from sources to address specific questions or objectives.

Qualitative research is a method of inquiry that seeks to understand human behavior, opinions, and motivations through non-numerical data.

Quantitative research focuses on collecting and analyzing numerical data to identify patterns, trends, and relationships.

Quota sampling involves selecting participants based on specific traits or characteristics, ensuring the sample reflects the proportions of these traits in the target population.

Random sampling involves selecting participants entirely by chance, ensuring every individual in the population has an equal opportunity to be chosen.

Sampling is the process of selecting a subset of individuals from a larger population to gather data and insights.

Secondary market research involves analyzing existing data from external sources such as industry reports, government publications, and competitor analyses to gain insights without conducting new research.

Surveys are one of the most popular tools for collecting data. They involve asking a series of questions to a sample of people, aiming to gather insights about a larger population.