Market Research

Question 1

Advantages of desk research?

Answer 1

Timely as it’s quick to gather
Cost effective as jt doesn’t require paid interviews
Available as it already exists

Question 2

Disadvantages of desk research?

Answer 2

Not objective as it could be bias
Not appropriate as not for tk business needs
Not concise as lots of info to go through

Question 3

Advantages of friend research?

Answer 3

Complete as information has nocmissing parts
Timely as it who to date
Appropriate as fit for purpose
Accurate as information is correct from validation

Question 4

Disadvantages of field research?

Answer 4

Not cost effective as it requires paid interviews

Not timely as it can be time consuming

Question 5

Personal interview

Answer 5

Interviewer can clarify any questions
But..
People don’t like to be disturbed

Question 6

Postal survey

Answer 6

Reaches a large geographical area
But..
Usually has a poor success rate as it can be seen as junk mail

Question 7

Telephone survey

Answer 7

Instant feedback from customers
But..
Cold calling can lead to poor reputation

Question 8

Hall test

Answer 8

Gives customers the chance to see the product before giving opinion
But..
Customers often give favourable replies to simply the polite

Question 9

Consumer audit

Answer 9

Provides accurate information on consumer buying patterns
But..
Consumers may not complete the journals accurately or on time

Question 10

Test marketing

Answer 10

Allows the product to be amended before national launch
But..
Regional tastes may not represent the nation as a whole

Question 11

Observation

Answer 11

No direct contact so no bias
But..
Cannot clarify any situations or ask for explanations

Question 12

Internet survey

Answer 12

Customers more likely to respond as it is less hassle to fill in quesrionajr online
But..
Cost of designing the questionnaire can be high

Question 13

Social media

Answer 13

Usually honest opinions are likely
But..
Information will be available to competitors

Question 14

Loyalty cards

Answer 14

Up to date information on consumer buying habits
But..
Need to provide discounts to encourage customers to keep using them

Question 15

Why do market research?

Answer 15

Ask customers opinions to then alter the product based on feedback
Test products to a group of customers to ensure product meets consumer needs
Use internet to find out data about their market to gain a better understanding of he size or profile of their market
Ask customer opinions and use information to enter a new market or increase market share
Use feedback from customers to ensure advertising is targeted st the correct market segment

Question 16

Random sampling

Answer 16

-sample picked randomly
No bias and saves time selecting sample
But..
May not deflect target market and can over represent a target market

Question 17

Stratified random sampling

Answer 17

-sample selected that is representative of the target market
Sample represents the target market and no researcher bias as it’s random
But..
sample chosen could be geographically dispersed adding to the cost of research

Question 18

Quota sampling

Answer 18

-researcher chooses from a group of people with certain characteristics
Interviewer selects people who meet given characteristics and cheaper than random sampling as fewer resources required
But..
Researcher bias could be involved