Ch 23- Market Research Flashcards
Market research
The gathering, recording and analyzing of info on consumers preferences to make an informed decision about a potential market
Benefits if market research
Info on needs and wants if consumers
Likely demand for a new product
Best price to charge
Likely level of sales
Types of market research
Field and desk
Field research
Going into a marketplace and gathering info for a specific purpose
Advantages
Up to date Info
Rleelveant info for specific needs of the business
Disadvantages
Time consuming
Expensive
Requisites skills
Focus groups
A group of consumers are brought together to discuss a product
Focus groups advantage
Efficient to gather opinions
Focus groups disadvantage
Opinions could be influenced
Observation
Watching consumers in action
Advantage: large numbers can be observed+ cheap
Disadvantage: time consuming and limited info
Surveys
Questioning consumers in relation to a product
Personal interview
Fact to face
Advantage: detailed response + clarification can be sought
Disadvantage: time consuming, expensive and consents might feel uncomfortable
Postal survey
Sent through post
Advantage : cheaper , people can answer in their own time
Disadvantage: very low respond rate and slow
Telephone survey
Advantages: cheap, people chosen from a wide area and clarification
Disadvantage: low response rate, people may rush
Online survey
Advantage: cheapest option, people worldwide and responses analysided automatically
Disadvantage: many people ignore them and only people online can be questioned
Desk research
Analyzing info that’s already Been gathered
Advantages
Easy to obtain
Quick to gather
Cheap
Disadvantages
May not be relevant
Could be outdated
Lot to read
Business sales reports
Examining past sales records to identify successful products
Papers and magazines
Info on competitors and consumers
Internet
Checking competitors prices and products
Central statistics office
Provides info on pop of a town in Ireland and age gender marital status.
