Presenting & Using Market Research Data | Business Studies for GCSE/IGCSE - Year 11 PDF Download

Presenting Market Research Data

• Market research data must be transformed into easily understandable formats that can support business decision-making.
• Typical methods for presenting data include tally charts, bar charts, pie graphs, and scatter graphs.

Tally charts

• A table or tally chart serves as a straightforward technique to document data in its original state.
  • It proves especially handy for capturing the frequency of an event as it unfolds.
    • For instance, imagine using it to track the number of customers entering a retail store.
• Each occurrence is marked by a small vertical line, with groups of five events represented by four vertical lines and a diagonal line.
  • Adding up these groups of five allows for a quick tally to determine frequency.
• Often, data from tally charts is transformed into charts or graphs to enhance visual appeal.

Graphs and charts

• Graphs and charts are often preferred for their visual clarity, making information easier to comprehend.
• The format of presentation is influenced by the nature of the collected data and its intended purpose.
  • Quantitative data is typically suited for graphical representation.
  • In contrast, qualitative data may be more effectively communicated through written reports.

Types of Graphs and Charts

Analysing Market Research Data

• Quantitative Data: Statistical numeric data that aids decision-making processes. It must be accurate and correctly interpreted to be valuable. This data can be sourced from primary or secondary sources, such as financial reports, survey findings, marketing or sales data, and statistical research from government or research organizations.
• Qualitative Data: Requires skill and insight for appropriate interpretation. It involves drawing conclusions from opinions, insights, feelings, and preferences. Collected mainly from primary sources like focus groups, detailed surveys/interviews, and test marketing.
• Utilization of Data: Both quantitative and qualitative data assist business managers in sales forecasting, trend identification, and decision-making regarding product development, promotional planning, pricing strategies, and other crucial elements of the marketing mix.