1.1.2 Market Research (2/3) - Primary research Flashcards
Marketing Research
Collection of data to obtain insight and knowledge into the needs and wants of customers and the structure and the dynamics of a market
Market Research purposes - Page 10 blue book.
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Primary research
Data collected first-hand by the researchers themselves
it’s original data
Advantages of Primary Research (2)
1) More up to date - researcher collects data at time when needed so info isn’t outdated
2) it’s specific to purpose it’s needed for = more detailed insights
Disadvantages of Primary research (3)
1) Time consuming - needs to be collected = analysed
2) Labour intensive
^ reasons above means that it is costly
3) difficult to conduct large sample size
Questionnaires
List of unwritten questions that are used to collect the opinions of respondents
Postal surveys
Questionnaires that are sent out to people
Postal surveys are not always returned T/F
True
Postal surveys are answered in the comfort of respondents home and in their own time whilst not under pressure T/F
True
Interviews
A structured conversation where one person asks a question and the participant responds
Two types of interviews
1) Personal interviews (street/face2face interview)
2) Telephone interview
2 advantages of telephone interviews
+
1 disadvantage
1) Cheaper as over phone
2) People from a wider geographical location can be covered
1) People may ignore calls as they don’t like being called by businesses
1 Advantage of Personal interview
1 Disadvantage
1) Questions can be further explained if confused
2) People don’t like being approached on the street
Focus groups
A group of customers from different demographic backgrounds who are invited by the business and have a discussion about the product.
Consumer panels
When groups of customers are asked for feedback over a period of time.
