Data refers to known facts, especially in numerical form, that are collected for analysis. There are two main types of data: quantitative data, which is measurable and expressed numerically, and qualitative data, which is descriptive rather than numerical. Data collection helps businesses learn about customers, discover trends, segment audiences, facilitate decision making, and improve products and services. Common quantitative data collection methods include closed-ended surveys and observation, while qualitative methods include open-ended surveys, interviews, focus groups, and direct observation. These methods can be used to gather both quantitative and qualitative data.