market research Flashcards
(30 cards)
definition of desk research
involves researching and analysing information that has already been gathered
definition of field research
involves gathering brand new info suitable for the business’s exact needs
methods of desk research
-competitors website
-online news articles
-trade magazines
-government publications
-financial statements
-sales figures
-previous market research reports
-social media psots/comments
-review websites (eg Trip Advisor)
advantages of desk research
timely - desk information is quick to gather
cost effective - desk information does not require trained and paid interviewers or research companies
available - desk information already exists so is easy to look up
advantages of field research
complete-field info should have no parts missing
timely-in the respect that the info is up to date
appropriate- field info is fit for the purpose it is needed for
accurate- info should be correct as it can be validated
disadvantages of field research
not cost effective-field info, requires trained and paid interviewers or expensive research companies
disadvantages of desk research
not objective - desk information is collected and presented by someone else, so could be biased
not appropriate - desk information is not fit for the exact purpose and may have to be ‘shoehorned’ to fit the business’s needs
not concise - the researcher may have to read through a lot of information to get what is needed
method of field research
telephone survey, postal survey, online survey, personal survey, hall tests, focus groups, consumer audit, test marketing, electronic point of sale (EPOS)
definition of random sampling
the sample is picked randomly (eg. using a telephone directory or list of customers)
telephone survey definition
a market researcher telephones customers, usually at home, and asks them questions
definition of quota sampling
the researcher chooses from a group of people with certain characteristics
advantages of random sampling
-no bias is shown by the researcher
-saves time in selecting the sample
disadvantages of random sampling
-sample may not reflect the target market
-can over-represent a certain segment (eg. all males could be chosen randomly)
-Can be expensive as many calls may have to be made if customer lists are not up to date
quota sampling advantages
-Quick and easy method as group lists are pre-made
-Can select customers that reflect the target market
quota sampling disadvantage
-The exact sample from each group is not randomised, so researcher bias could be involved
what is sampling
selecting people from the population to conduct market research on, that can be used
postal survey definition
a survey is sent to customers through the post and is returned once complete
online survey definition
a website or email is used to ask customers questions
personal interview definition
often conducted as a street survey or by ‘cold calling’ at customers’ homes
hall tests definition
a product is given to customers to try and their feedback is gathered
focus groups definition
a group of customers is brought together and asked to answer and discuss questions put forward by a market researcher
customer audit definition
used by large market research companies to continuously monitor customer habits and influences. one means of auditing is to ask some customers to record their responses to products they have purchased
test marketing definition
a new product is launched in a regional area and the reaction is monitored. successful products are then launched to a wider market
electronic point of sales (EPOS) definition
information on customer preferences and habits is gathered as their loyalty cards are swiped through electronic tills. used in conjunction with loyalty schemes to match purchasing information with customer details.
