Market Research

Question 1

market research

Answer 1

the process of gathering, analysing, and reporting data related to a particular market

Question 2

why do businesses do market research?

Answer 2

businesses do this to
- identify customers needs and wants
- reduce risk of product failure
- measure effectiveness of marketing actions
- keep up with trends and find opportunities to be first mover

Question 3

primary research

Answer 3

the process of collecting first-hand data from original sources for a specific purpose

Question 4

surveys

Answer 4

questions sent to a target audience to gather useful information

Question 5

surveys advantages

Answer 5

• can collect large quantities of data
• can collect a wide range of info on attitudes, preferences, etc..
• can be quickly and easily completed by respondents

Question 6

surveys disadvantages

Answer 6

• response rates are generally low
• respondents might not represent the market
• much care needs to be taken to write good questions

Question 7

interviews

Answer 7

a conversation between an interviewer and an interviewee where questions are asked in order to gain information

Question 8

interviews advantages

Answer 8

• easier to ask more in-depth questions
• interviews can ask follow-up questions
• usually high response rate
• detailed information can be gained

Question 9

interviews disadvantages

Answer 9

• time consuming to interview and analyse results
• can be expensive
• interviewer might influence respondents answers making them biased

Question 10

focus group

Answer 10

small group of people brought together to discuss a particular product or idea

Question 11

focus group advantages

Answer 11

• easier to ask more in-depth questions than in a survey
• group interaction can spark new ideas
• quick feedback

Question 12

focus group disadvantages

Answer 12

• results may not reflect the wider market since the group is small
• there may be dominant participants or others may feel pressured to agree with the group
• costly and time consuming to organize

Question 13

observations

Answer 13

watching and trying to understand a situation or people’s behaviour

Question 14

observations advantages

Answer 14

• cost effective way to gather data
• does not depend on respondents
• there is no interviewer bias

Question 15

observations disadvantages

Answer 15

• should be combined with other methods to get more in-depth insights
• cannot collect information on attitudes, preferences, or opinions

Question 16

secondary research

Answer 16

a quick process of collecting and analysing existing data that was originally gathered by others for another purpose

Question 17

market analysis

Answer 17

in-depth reports about markets, trends, etc

Question 18

market analysis advantages and disadvantages

Answer 18

advantages: carried out by professionals + highly detailed
disadvantages: can be costly

Question 19

academic journals

Answer 19

scholarly publications written by experts

Question 20

academic journals advantages and disadvantages

Answer 20

advantages: highly reliable + quicker publish time than books
disadvantages: can be very technical and specific

Question 21

government publications

Answer 21

articles provided by the government on a wide range of topics including demographics, economics, social trends

Question 22

government publications advantages and disadvantages

Answer 22

advantages: usually free + large range of topics
disadvantages: can be difficult to access

Question 23

online content

Answer 23

gathering information from websites that aren’t media organizations

Question 24

online content advantages and disadvantages

Answer 24

advantages: large range of topics + easily accessible
disadvantages: information can be inaccurate, biased and out of date

Question 25

media articles

Answer 25

texts written on a variety of topics submitted for publication either online or in print

Question 26

media articles advantages and disadvantages

Answer 26

advantages: widely available + many free resources + easy to update in real time

Question 27

quantitative research

Answer 27

- collects numerical data that can be measured - it is objective and not open to interpretation - uses surveys to collect data

Question 28

qualitative research

Answer 28

- collects data on opinion, attitudes and beliefs - it is subjective and open to interpretation - uses interviews and focus groups to collect data

Question 29

quota sampling

Answer 29

segmenting the population into groups and setting targets for the number of people needed in each group

Question 30

quota sampling advantages and disadvantages

Answer 30

advantages: quick and easy when the segments are known disadvantages: not random so may not be representative of the population

Question 31

random sampling

Answer 31

everyone in the population as an equal chance of being selected as part of the sample

Question 32

random sampling advantages and disadvantages

Answer 32

advantages: reduces bias + easy way to obtain a sample disadvantages: not representative of the population

Question 33

convenience sampling

Answer 33

participants are chosen based on their proximity and access to complete research

Question 34

convenience sampling advantages and disadvantages

Answer 34

advantages: quick to gather information disadvantages: not representative of the population