3 Marketing Research 15

Question 1

What is Marketing Research ?

Answer 1

Involves the gathering and analysis of research to help support the implementation of marketing strategy

Question 2

Primary Research …

Answer 2

Data collected first-hand for a specific research purpose

E.g. Postal surveys, Telephone interviews, face-to-face surveys, Focus groups

Question 3

Secondary Research …

Answer 3

Data that already exists and which has been collected for a different purpose

Question 4

Benefits of Primary Research ?

Answer 4

Directly focused to research objectives
Kept private - not publicly available
More detailed insights - particularly into cuter views

Question 5

Drawbacks of Primary Research ?

Answer 5

Time-consuming and costly to obtain
Risk of survey bias
Sampling may not be representative

Question 6

Benefits of Secondary Research ?

Answer 6

Often free and easy to obtain
Good source to access and use
Quick to access and use

Question 7

Drawbacks of Secondary Research ?

Answer 7

Can quickly become out of date
Not tailored to business need
Specialist reports often quite expensive

Question 8

What is Quantitative Research ?

Answer 8

Research based on data

Question 9

Key points on Quantitative Research ?

Answer 9

Questions asked:”How many”, “How often”, “Who”, “When” and “Where”
Based on larger samples, therefore more statiscally valid
Main methods of obtaining Quantitative data: telephone, postal, face-to-face and online

Question 10

What is Qualitative Research ?

Answer 10

Research based on views and opinions

Question 11

Key points on Qualitative Research ?

Answer 11

Questions asked:”Why”, “Would” or “How”
Aims to understand why customers behave in certain way or how they may respond to a nw product
Main methods of obtaining Qualitative data: focus groups and interviews

Question 12

Benefits of Qualitative Research?

Answer 12

Essential for important new product development and launches
Focused on customer needs, wants, expectations
Can highlight issues that need addressing

Question 13

Drawbacks of Qualitative Research?

Answer 13

Expensive to collect and analyse - requires specialist research skills
Based around opinions - always risk that sample is not representative

Question 14

Benefits of Quantitative Research ?

Answer 14

Data relatively easy to analyse
Numerical data provides insights into relevant trends
Can be compared with data from other sources

Question 15

Drawbacks of Quantitative Research ?

Answer 15

Focuses in data rather than explaining why things happen
Doesn’t explain the reason behind numerical trends
May lack reliability if sample size and method is not valid

Question 16

What is sampling?

Answer 16

The gathering of data from a sample of respondents, the results of which should be representative of the population as a whole

Question 17

Benefits of Sampling?

Answer 17

A relatively small sample size
using sampling before making marketing decisions can reduce risks and costs
Sampling is flexible and relatively quick

Question 18

Drawbacks of Sampling?

Answer 18

Biggest risk that the sample is unrepresentative of population thus leading to incorrect conclusions
Risk of bias in research questions