Market Research Flashcards
what are the types of market research
desk and field
why is market research important
anticipates changes in market and customer tastes, keep ahead of competitors, ensures correct price/promotions are set
what are the methods of field research
telephone survey postal survey online survey personal interview hall tests focus groups consumer audit test marketing EPOS
what are the methods of sampling
random sampling
quota sampling
stratified random sampling
cluster sampling
what are the advantages of postal surveys
- cheap to send survey to large no. of people over a wide geographical area
- people can complete survey at own pace & time that suits them
what are the disadvantages of postal surveys
• people need to
open survey sent to them in post and send it back- might not do it
• can take time to get info back
• no opportunity for respondent to clarify anything they don’t understand
• survey must be designed carefully so it’s not misinterpreted
what are the advantages of telephone surveys
- large no. people all over country contactable
- less expensive to carry out compared to personal interview
- info obtained instantly
- clarification can be given
what are the disadvantages of telephone surveys
- people might not want to participate
- unsuitable for large surveys since people often only willing to answer a short survey over telephone due to time it would take for a larger one
what are the advantages of hall tests
- product is tried by participant who can report back on their actual experience
- relatively inexpensive
what are the disadvantages of hall tests
- opinions & views (qualitative info) can be difficult to analyse
- participant might give response they think the org. wants to hear so they don’t seem rude
what are the advantages of observation
- facts & figures (quantitative info) are gathered which are easier to analyse than qualitative info
- people being observed might no be aware so will act naturally
what are the disadvantages of observation
- those being observed not usually asked for opinion or explanation as to why they did/didn’t do something
- there’s privacy & ethical issues to consider when observing
what are the advantages of consumer audit
- info is gathered over a period of time & customer trends can be identified
- more detailed feedback gathered on products to shape future changes
what are the disadvantages of consumer audit
- ’participants receive payment which can be expensive
* info recorded may be inaccurate/incomplete
what are the advantages of online surveys
- link to survey website can be sent to large no’s
- don’t need money to print surveys
- people all over world can participate
what are the disadvantages of online surveys
- relies on internet connection
* no personal contact with participants
what are the advantages of focus groups
- feelings&views & body language of people can be observed
- points not understood can be clarified
what are the disadvantages of focus groups
• time consuming & expensive
• info can be difficult to analyse
• sample of people used might not represent views of whole
population
what are the advantages of personal interviews
- allows 2 way communication
- interviewer can response to customers body language, tone of voice & facial expressions to encourage fuller responses
what are the disadvantages of personal interviews
- can take a lot of time to conduct interviews
* customers might feel this sort of questioning is a nuisance and not want to respond
what are the advantages of test marketing
- changes can be made to products before launched to wider market
- money can be saved on launching a product to wider market if its unsuccessful in test area
what are the disadvantages of test marketing
• customers in 1 area might not have tastes that are representative of wider market
what are the advantages of EPOS
- gathers vital info about consumer behaviour (when and what they buy)
- allows retailers to offer promotions tailored to individual customers needs and preferences
what are the disadvantages of EPOS
- can be v expensive & time consuming to set up systems
* can lead to lower profits when used with loyalty cards when vouchers are issued
what is test marketing
when a new product is launched in a regional area & the reaction is monitors so successful products are then launched to a wider market
what is EPOS
- electronic point of sale
where info on customer preferences and habits is gathered as their loyalty cards are swiped - its used in conjunction with loyalty schemes to match purchasing info with customer details
what are postal surveys
where a list of Qs is sent to people though post and they must send it back
what are telephone surveys
when people are contacted by telephone & asked to answer Qs
what are hall tests
where a product is given to customers to try and they’re asked for feedback on product
what is observation
where an observer watches something and records what happens (how many times something happens/ someone does something)
what is consumer audit
where customers are asked to record their responses to products they’ve purchased
who usually uses consumer audit and why
large market research companies to continually monitor customer habits and influences
what are online surveys
where people answer Qs displayed on a website
what is a focus group
a discussion between selected people about a specific good/service
what are personal interviews
where interviews are conducted as a street surveys or by caol calling at customers homes
