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
