Market Research Methods Flashcards
Consumer panels
Getting a group of people to test a product out and then asking their opinions on it or like a questionnaire about it
Focus groups
Similar to consumer panels but more about discussion than testing they discuss why they buy certain products in detail
Mystery shopper
Paid by a business to go to the store or restaurant and see how the customer services and see if there are any issues with service or how long it takes to be served and then reports back to the business
Observation
The observe customer behaviour and and observe how employees act
Questionnaire
Sending out a survey to customers to gather opinions
Interviews
Asking customers in-depth questions to individual customers
Delphi method
Businesses develop a questionnaire that is sent to a panel of experts to fill out. the participants then send it back once completed. each participant answers it independently.
the results are then summarised and a second questionnaire is sent out based on the results of the first one.
Advantages of the Delphi method
- It is flexible enough to be used in in different situations and can be by applied to a range of problems and businesses.
- Provides a structured way for a group of people to make a decision
- Participants have time to think through their ideas leading to a better quality of responses
- They’re asking people who are experts in their field so they can provide good ideas for the business.
Disadvantages of the Delphi method
- This method is very expensive as you have to pay the experts for the insight
- The method is time consuming as as business have to wait for responses from all experts asked.
- Assumes that experts are willing to come to a conclusion and allow their opinions to be looked at by the other experts
Example of the Delphi method
The technique is often used when a team of medical experts is hired to analyse weather a drug would be effective to treat a particular illness or disease
