HBM Market Research Flashcards
two types of market research
desk and field
definition of desk
Involves researching and analysing information that has already been gathered for another purpose, either from inside or outside of the business.
advantages of desk
Timely – desk information is quick to gather.
Available – desk information already exists so is easy to look up.
Cost effective – desk information does not require trained and paid interviewers or research companies.
definition of field
Involves gathering brand new information directly from the consumer, which is suitable for the business’s exact needs.
disadvantages of desk
Not objective – desk information is collected and presented by someone else, so could be biased.
Not appropriate – desk information is not fit for the exact purpose and may have to be ‘shoehorned’ to fit the business’s needs.
Not concise – the researcher may have to read through a lot of information to get what is needed.
advantages of field
Complete – field information should have no parts missing.
Appropriate – field information is fit for the purpose it is needed for.
Timely – in the respect that the information is up to date.
Accurate – information should be correct as it can be validated.
disadvantages of field
Not cost effective – requires trained and paid interviewers or expensive research companies.
what are the two sampling methods
random and quota
definition of random
Sample is picked randomly, e.g. using a telephone directory/list of customers.
definition of quota
Researcher chooses from a group of people with certain characteristics.
