4.1 Market Research Flashcards
What is the purpose of market research?
- to identify and understand customer needs
- to identify gaps in the market
- to reduce risks
- to inform business decisions
- what and who to produce for
What are the methods of research?
- Primary Research
- Secondary Research
What are the methods of primary research?
- Surveys
- Questionnaires
- Focus Groups
- Observation
- Test Marketing
What are the methods of secondary research?
- Internet
- Market Reports
- Government Reports
What are the advantages and disadvantages of using surveys?
Advantages:
- Interviewing can be explained
- honesty and be detected
- postal surveys are cheaperr
- can contain bias because posted to targeted demographic
Disadvantages:
- Data takes time to be processed
- answers may not be genuine
- survey can be entirely ignored
What are the advantages and disadvantages of using Focus groups?
Advantages:
- communication is immediate
- results can be immediately taken
Disadvantages:
- It only has few people, cannot represent entire market
- takes time to find people
- no numerical data is taken - no statistical analysis
What are the advantages and disadvantages of using observation?
Advantages:
- Actions are more accurate than words
- Can check quality of a service
Disadvantages:
- Regular people, not trained
- No opportunity to ask why
What are the advantages and disadvantages of using test markets?
Advantages:
- Feedback can be taken from consumers
- cost of issues minimized to small section of market
Disadvantages:
- Takes time
- expensive
What are the advantages and disadvantages of using the internet?
Advantages:
- Data is cheap and fast to get
- A lot of data
Disadvantages:
- Hard to filter
- Out of date
What are the advantages and disadvantages of using Government research?
Advantages:
- Data is related to country
- supportive of businesses
- Information publicly available
What are the advantages and disadvantages of using market reports?
Advantages:
- Get specific data done by professionals
- Complete
Disadvantages:
- Expensive
What is the difference between qualitative and quantitative data?
Quantitative is numerical data it can be used for statistical techniques
Qualitative data is worded, for opinions and feedback
