Market Research Flashcards
(25 cards)
What is market research?
Market research is the process of gathering data and information about consumer needs and preferences.
Market research helps find what information?
Provides information about:
The market itself
Customer feedback
Promotional methods
Sales data
Competitors
Effect of price on market
What are the 2 main types of market research?
Desk research
Field Research
What is field research?
Field research is information that is first hand information and has been collected by the business for a specific purpose.
Name 3 methods of collecting field research
Face to face interview
Postal survey
Focus group
Hall test
Telephone interview online survey
Observation
Name advantages of field research
Only the firm which collects the data has access to it
Collected for a specific purpose
Name disadvantages of field research
Expensive to collect
Time consuming
What is desk research?
Desk research is information that is second hand. it has already been collected by someone else
Name 3 methods of collecting desk research
Sales figures
Newspapers
Websites
Government publications
Commercial publications
Name advantages of desk research
Saves time
Relatively inexpensive
Widely available
Name 2 disadvantages of desk research
May be out of date
May contain bias
Not specifically gathered for the business.
Name the advantages of a face to face interview
Two way communication
Researchers can encourage respondents to answer
Mistakes and misunderstandings can be cleared up right away
Name the disadvantages of a face to face interview
Can be expensive
Researchers have to be selected and trained
Home interviews are unpopular with consumers
Name the advantages of a postal survey
Inexpensive
No interviewer training needed
Name the disadvantages of a postal survey
Questions must be simple and easy to answer
Very low response rate, incentive may be needed
What are the advantages of a focus group?
Qualitative information provided in the form of opinions, feelings and attitudes.
Topics can be explored in some depth.
Name the disadvantages of a focus group
Expensive
Can be difficult to analyse qualitative information
Name the advantages of a hall test
Qualitative information provided in the form of tasting or demonstration.
Name the disadvantages of a hall test
Respondents may be too positive as they obliged to give favourable opinion.
Name the advantages of a telephone interview
Inexpensive
Can reach a large geographical area
Name the disadvantages of a telephone interview
Response rate may be low as people may view it as a “nuisance call”
Name the advantages of an online survey
Inexpensive
Large sample sizes
Name the disadvantages of an online survey
Limited to people with internet access
Name the advantages of observation
Quantitative information gathered.
Real life and behaviours in action.
