4.4 Market Research Flashcards
Advantages and Disadvantages of surveys
Advantages
- Can get a wide range of data (qualitative and quantitative data)
- Can be issued to many people
- Depending on the questionnaire, the survey can be done efficiently, able to get information quickly (?)
Disadvantages
- Very costly to send out to many people
- Poorly constructed surveys can undermine otherwise well-intended research (i.e. the results may be not good)
- the answers of respondents may not reflect their true feelings and thoughts
Advantages and disadvantages of interviews
Advantages
- Can provide detailed info/probe more questions on the perceptions and opinions of consumers
- high response rate because of the one-on-one attention
- tailored wording for respondents and meanings can be clarified
Disadvantages
- Very time-consuming (setting up, conducting, analyzing/reporting)
- some interviewers biased, influencing the interviewee’s responses
Advantages and disadvantages of focus groups
Advantages
- Get the authentic reactions of the consumers
- Smaller group of consumers, can be “cheaper”
- Consumer feedback (what to improve)
- Get info on product positioning
Disadvantages
- As a small group of people, focus groups may not represent the opinion of the population
- can be costly as cash compensation or in kind
- Some people may hesitate to give their true opinion
Advantages and disadvantages of observation
Advantages
- Cost less
- Able to observe many people at the same time
- direct method of collecting data -> can actually see how people behave in certain situations
Disadvantages
- Not everything can be derived from just observation / Needs to be combined with other research methods
Advantages and disadvantages of academic journals
Advantages
- Peer-reviewed and reliable
- Wide range of topics, good sources gorgeous original research on a topic
- less time to publish books
Disadvantages
- Not all data relevant because the journals are for more academic interest rather than “general-interest”
- peer-review is time consuming, may affect the provision of the latest data.
- e.g. it may become outdated, business desperate to get them
Advantages and disadvantages of media articles
Advantages
- communicating via newspaper is cheaper than television
- most serious newspapers have been proofread/peer reviewed -> credible
- widely available and can be found in many retail stores
Disadvantages
- difficult to communicate events in real time
- Newspapers can be biased, depending on the organization that owns them
- waste or paper energy and resources
Advantages and disadvantages of government publications
Advantages
- details abt policies and governance
- useful statistical information on a wide range of activities (e.g. education, trade, social trends)
- collected ongoing basis
Disadvantages
- can be difficult to gain access go some official government data
Disadvantages and advantages of market analyses
Advantage
- information is usually accurate and recent as it is carried out by specialist research agents
Disadvantage
- Obtaining information can be costly as some orgs charge a lot for this service
Disadvantages and advantages of market analyses
Advantage
- information is usually accurate and recent as it is carried out by specialist research agents
Disadvantage
- Obtaining information can be costly as some orgs charge a lot for this service
The advantages and disadvantages of online content
advantages
- wide range of topics
- easily accessible
Disadvantages
- incredible, easy to publish on the net
- scholarly research hard to access (e.g. paywall)
Purposes of market research
- to identify customers needs] and wants
- to assist a business in predicting what will happen (e.g. PESTLE -> E - recession)
- reduces the risk of product behavior
- to measure the effectiveness of a marketing strategy
- to get the latest information
Advantages and disadvantages of quota sampling
Advantages
- Quick and cost-effective
- Findings obtained more reliable than random sampling
Disadvantages
- not always statistically representative of the population as random sampling is not done
- interviwer may be biased in the selection
Advantages and disadvantages of convenience sampling
Advantages
- fast, cheap and easy, sample readily available
Disadvantages
- samples may be biased and not rep of the population
Advantages and disadvantages of random sampling
Advantages
- reduces bias because random
- relatively easy
Disadvantages
- sample may be too small, not representative of the population
