Market research- Field

Question 1

What is market research?

Answer 1

This is essential in order to anticipate and identify customer needs. It allows you to identify gaps in the market, reduces risk and allows for better decision making

Question 2

What is field research?

Answer 2

This involves gathering new information suitable for business needs (primary)

Question 3

What are field research examples?

Answer 3

• Online surveys
• Electronic Point Of Sale (EPOS)
• Personal interviews
• Hall tests
• Focus groups
• Consumer audit
• Test marketing

Question 4

What are advantages of field research?

Answer 4

• It is complete and nothing will be missing
• It is up-to-date
• It is appropriate for the purpose
• It is accurate and should be correct as it can be validated

Question 5

Online surveys:

Answer 5

A website of email used to collect data on customers need and wants.
- Worldwide, Online data can be analysed easily
- Responses may be brief, access to international requires

Question 6

Personal interviews:

Answer 6

A face-to-face meeting
- Interviewer can respon to body language, tone and voice
- Time consuming, may need insentives

Question 7

Hall test:

Answer 7

A product is given to customers and geedback is gathered
- Good quality feedback, inexpensive and easy
- Customers may feel they need to give positive feedback

Question 8

Focus group:

Answer 8

Customers are brought together to answer questions
- Customers agree to participate so considered responses are more likely
- Strong personalities in the group can sway discussions and opinions

Question 9

Consumer audit:

Answer 9

Used by large market research companies to continously monitor customer habits and influences
- Information gathered over long time so trends can be calculated
- Expensive as participants receive payment

Question 10

Test marketing:

Answer 10

A new product is launched in regional areas and reactions are monitiored
- Changes can be amde before its launched to a wider market
- Customers in one area may have varied tastes

Question 11

Electronic Point Of Sale:

Answer 11

Information on customer preferences and habits is gathered as their loyalty cards are swiped through electronic tills
- Gathers infromation on consumer behavior
- Expensive, time consuming, lowered profits with lots of discounts