Market Research Flashcards
What is Market Research?
Market research is essential in order to anticipate and identify customers’ needs and wants, especially for market-led businesses.
What are the two types of Market Research?
- Desk Research
- Field Research
What is Desk Research?
Desk Research involves researching and analysing information that has already been gathered.
What are methods of desk research?
- competitor’s website
- Online news articles
- Trade magazines
- Government publications
- Financial Statements
- Sales figure
- Previous market research reports
- Social media posts/comments
- Review websites, e.g Trip Advisor
What are advantages of desk research?
Timely - desk information is quick to gather.
Cost effective - Desk information does not require trained and paid interviewers or research companies.
Available - Desk information already exists so is easy to look up.
What are disadvantages of desk research?
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.
What is Field Research?
This involves gathering brand new information suitable for the business’s exact needs. Examples are explored in depth in this chapter.
What are advantages of field research?
Complete - field information should have no parts missing.
Timely - In the respect that the information is up-to-date.
Appropriate - Field information is fir for the purpose it is needed for.
Accurate - Information should be correct as it can be validated.
What are disadvantages of field research?
Not cost effective - Field information requires trained and paid interviewers or expensive research companies.
