Market research Flashcards

1
Q

What are the 2 types of market research?

A

Field Research
Desk Research

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2
Q

Field Research

A

This involves finding out informtaion first hand (primary information) directly from the public/consumer.

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3
Q

Advantages of field research (2)

A

Information is gathered specific to your purpose.
Information is up-to-date.

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4
Q

Disadvantges of field research (3)

A

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.

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5
Q

Desk research

A

This uses secondary information which has already been gathered for another purpose either from inside or outisde the business.

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6
Q

Advantages of desk research (3)

A

It is cheaper to access existing information rather than having to collect information from scratch.
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.

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7
Q

Disadvantages of desk research (3)

A

Information may be out of date as it may have been collected a long time ago and so may not be relevant.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.

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8
Q

What are the 6 methods of field research?

A

Personal interview
Telephone survey
Postal Survey
Online Survey
Focus groups/Consumer pannels
Social networking websites

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9
Q

Personal interview

A

A face-to-face discussion between a trained interviewer and a respondent which can take place in the street or at home.

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10
Q

Personal interview advantages (3)

A

Allows two-way communication so any point can be clarified.
The researche can encourage the respondant to answer certain questions.
Body language and facial expression can be observed.

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11
Q

Personal interviews disadvantages (2)

A

It is a costly method of research as interviewers need to be trained.
It’s very time consuming as only one respondent can be interviewed at any one time.

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12
Q

Telephone survey

A

People are contacted by telephone and asked to answer a range of questions.

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13
Q

Telephone survey advantages (2)

A

Information is obtained immediately.
Any points can be clarified by the researcher.

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14
Q

Telephone survey disadvantages (1)

A

Many people will not want to speak to a researcher over the phone and so many calls will need to be made to get a large number of responses.

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15
Q

Postal survey

A

A list of questions is sent to people through the post. They will complete the survey and send it back to the business.

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16
Q

Postal survey advantages (2)

A

Cost effective way of sending a survey to a large number of people over a wide geographic area.
People can complete their survey at their own pace when it suits them.

17
Q

Postal survey disadvantages (2)

A

The response rate may be very low.
There is no opportunity for the respondent to clarify anything they don’t understand.

18
Q

Online survey

A

People answer a number of questions that are displayed on a website. Respondents may have to click an appropriate answer and/or type in comments.

19
Q

Online survey advantages (2)

A

A link to a website can be sent to a large number of people all over the world.
Computer software can automatically collate and display results in real time.

20
Q

Online survey disadvantages (2)

A

Relies on respondents having access to the internet.
No peronal contact with business to clarify any misunderstandings.

21
Q

Focus group/Consumer panel

A

A selected group of people is gathered to take part in a discussion about a product. Their opinions are obtained on the design, colour shape etc and what they like and dislike about the product.

22
Q

Focus group/consumer panel advantages (2)

A

Opinions, feeling and attitudes can be gained.
Follow up questions can be asked and points can be calrified.

23
Q

Focus group/Consumer panel disadvantages (2)

A

The sample of people used may not represent the views of the whole population.
Financial incentives may be needed to encourage people to take part.

24
Q

Social networking websites

A

Businesses can set up social media accounts (e.g. Facebook, Twitter) in order to interact with customers around the world to find out their reactions and opinions on different issues.

25
Q

Social networking websites advantages (3)

A

Two-way communication can occur between the business and the customer.
Large number of people can be reached.
Questions can be answered very quickly.

26
Q

Social networking websites disadvantages (2)

A

Customers may not want to join social networking websites.
Information is not usually private so can be viewed by anyone.

27
Q

What are the 5 methods of desk research?

A

Internet websites
Newspaper
Government statistics
Internal sales figures
Industry reports