Market Research Flashcards
What is Market Research?
In order for a business to be successful, it needs to be aware of the changing needs and wants of customers. This can be done by carrying out Market Research.
What are the two types of Market Research?
Field Research and Desk Research.
What is Field Research?
This involves finding out information first hand (primary information) directly from the public/customer.
What are 2 advantages of Field Research?
Information is gathered specific to your purpose.
Information is up-to-date.
What are 3 disadvantages of Field Research?
It is more expensive to gather compared to desk Research.
It is more time consuming to gather compared to Desk Research.
People may not always give truthful answers in response to questions.
What is Desk Research?
This uses secondary information which has already been gathered for another purpose, either from inside of outside the business.
What are 3 advantages of Desk Research?
It is cheaper to access information rather than having to collect information starch.
It is easier to obtain by looking in a newspaper or on a website as the research has already been carried out.
Decisions can be made quickly as the information already exists.
What are 3 disadvantages of Desk Research?
Information may be out-of-date as it may have been collected a long time ago and so may not be relevant.
Information is available to competitors making it harder to find a competitive edge.
The information may not be as useful as the research has been carried out for a different purpose.
