marketing: market research Flashcards
market research provides information about:
- the market itself
- customer feedback
- promotional methods
- sales data
- competitors
- effect of price on market
benefits of field research
- Only firm that collects data has access to it
- Collected for a specific purpose
field research
Field research is information that is first-hand information. It has been collected by the business for a specific purpose.
types of market research
- field research
- desk research
costs of field research
- Expensive to collect
- Time consuming
methods of field research
- interview
- postal survey
- focus group
- hall test
- online survey
- observation
desk research
Desk research is information that is second-hand. It has already been collected by someone else.
methods of collecting desk research
- sales figures
- newspapers
- websites
- government publications
- commercial publications
benefits of desk research
- Saves time
- Relatively inexpensive
- Widely available
costs of desk research
- Not specifically gathered for the business
- May be out of date
- May contain bias
sampling
Sampling is the process of creating a small unbiased population to be used in a test or experiment.
random sampling
Random sampling is when a sample is created by chance. It is the luck of the draw.
benefits of random sampling
- Less chance of bias as respondents are chosen at random
- Simple and quick to select sample
costs of of random sampling
- The sample may not truly reflect the target market
- It can be expensive as a large sample is required
quota sampling
Quota sampling is a sample that has been created to mimic the characteristics of a market.
