Market Research

Question 1

Features of Market research

Answer 1

Market research provides information about:
the market itself (size and make-up – i.e. age, gender, income, tastes)
customer feedback
promotional methods
sales data
competitors
effect of price on market

Question 2

What is market research used for

Answer 2

Businesses use market research to identify customers’ needs and wants. Each method of market research has advantages and disadvantages for a business.

Question 3

Desk Research Features

Answer 3

-Secondary Information
-Research already exist therefore you don’t need to analyse information and waste time
-Research was originally collected for another purpose
-Research is old/historic
research is available to everyone

Question 4

Advantages and Disadvantages to Desk Research

Answer 4

Advantage-

• Cheaper to collect as already exist and is widely available
• Quick to collect using an internet search engine does not require training

Disadvantages-

• Research may not be totally relevant to your needs
• Research is old/historic and may no longer be accurate
• Research may not be reliable as you don’t know the source
• Competitors have access to the same research

Question 5

Field Research and Features

Answer 5

• Primary Information
• Research is collected 1st hand
• Research is collected for the business’ own specific purpose
• Research is up-to date
• Research is internal/only available to the business

Question 6

Advantages and Disadvantages of Field Research

Answer 6

Advantages-

• Research is specific to the exact needs of the org
• Research is up-to date
• Research is reliable asd business has collected it themselves
• Research is confidential to the business meaning your competitors don’t have access to it

Disadvantages-

• Expensive to collect as have to pay researchers to collect 1st hand
• Time consuming as have to to collect and analyse data

Question 7

Examples of Field Research

Answer 7

Hall Test
Online Survey
Focus Group
Personal Interview

Question 8

Hall Test

Answer 8

The Product is given to the customers to try and feedback.

• Benefit is that the actual/real customer opinion is given
• Disadvantage is that customers may lie about product to not come out a s rude

Question 9

Online Survey

Answer 9

Host a online survey through internet or social media.

• Benefit is that it’s easy to collect and analyse and requires no printing
• A disadvantage is that they make skip the survey or just guess

Question 10

Focus Group

Answer 10

Focus Group is where people come and review the product.
Benefit is that you can go as detailed as you like
Disadvantage is that it can be expensive to organise and pay transport

Question 11

Personal Interview

Answer 11

Personal Interview where researcher talks face to face with somebody
Benefit is that questions and answer can be further developed a lot
Disadvantage is that it take a lot of time and you can only get one view of feedback

Question 12

Methods of Desk Research

Answer 12

They can be done through books, website, newspaper and sales figures.
Advantages is that you don’t have to collect it and analyse as it’s already done for you
Disadvantage is that the info may not be reliable to your needs and info may be not up-to date.