Marketing - Market research

Question 1

List the 3 purposes of Market Research

Answer 1

• To gain information about consumers
• To define a business’ target market
• To get feedback and opinions

Question 2

• Define Field research
• Give 2 advantages and disadvantages of field research

Answer 2

• Primary information that is first hand and collected by the business themselves for a specific reason

ADVANTAGES
- Limited to the firm that collects the data → they have sole access to it
- Up-to-date → reliability increases

DISADVANTAGES
- expensive → data needs to be collected
- time-consuming → time must be spent intrepreting data

Question 3

• Define Desk research
• Give 2 advantages and disadvantages of desk research

Answer 3

• Secondary information that is second-hand. It has already been collected by someone else.

ADVANTAGES
- In the public domain → widely avaliable
- Already interpreted by someone else → saves time

DISADVANTAGES
- May contain bias → unreliable
- May be out of date

Question 4

Name 5 methods of desk research

Answer 4

1. Sales figures
2. Newspapers
3. Websites
4. Government publications
5. Commercial publications