Presenting & Using Market Research Data (CIE IGCSE Business)

• Once market research data has been gathered it need to be converted into a form which is easy to understand and capable of being used to support business decision-making
  
• Common methods of presenting data include tally charts, bar charts, pie graphs and scatter graphs

Tally charts

• A table or tally chart, is a simple method used to record data in its original form
  • It is particularly useful for recording frequency of an event as it is happening
    • E.g. It may be used to record the number of customers entering a retail store
  • Each time a particular event happens, a small vertical line is drawn
    • Groups of five occurrences are recorded with a diagonal line through four vertical lines 
    • These groups of five can be easily totalled to identify frequency
      
      
• In many cases, tally chart data is converted into a chart or graph to make it more visually appealing

Graphs and charts

• Information presented in graphs and charts is often easy to understand because it is presented visually
• The type of data that has been collected and what it is to be used for will affect the form of presentation which will be used
  • Quantitative data tends to be relatively easy to present in a chart or graph
  • Qualitative data may be better presented in a report
     

Types of Graphs and Charts

• Quantitative data is statistical numeric data that can be used to support decision making
  • Quantitative data needs to be accurate and interpreted correctly if it is to be useful
  • It may be collected from primary or secondary sources
  • Sources of quantitative data include
    • • Financial reports
      • Survey findings
      • Marketing or sales data
      • Statistical research from the government or research organisations
        
        
• Qualitative research data often requires considerable skill and insight to be interpreted appropriately
  • It involves comparing and drawing conclusions from opinions, insights, feelings and preferences
  • It is mainly collected from primary sources such as focus groups, detailed surveys/interviews and test marketing
    
    
• Both forms of data can help business managers forecast sales, identify trends and make decisions about product development, promotional planning, pricing tactics and other important marketing mix elements