Page 417 - Cambridge IGCSE Business Studies
P. 417
IGCSE Business Studies Student CD-ROM
Benefits and limitations of market research
Up-to-date
Collected for the specific
Benefits
needs of the business
Not available to
competitors
Primary
Time-consuming
to collect
Limitations Expensive to collect
Risk of inaccurate
Market research data or bias
Cheap to collect
Benefits
Easier and quicker to
obtain than primary data
Secondary
May be out-of-date
Not collected for the
Limitations specific needs of the
business
Available to other
businesses
Methods of sampling
Every member of the population has an
Simple random
equal chance of being selected
Every nth member of the population is
Systematic random
selected
Methods of sampling
Population is divided into groups with
Stratified specific characteristics and then a
sample is randomly selected
The population is divided into groups and a
specific number is selected at random from
Quota
each group in the same proportion as they
appear in the whole population
© Cambridge University Press 2014 IGCSE Business Studies Section 3 – Mind maps 4
