Methods of Market Research(1.1.2)

Question 1

What is a Survey?

Answer 1

The Process of collecting and analyzing data from many individuals. Aims to determine insights about a group of people.

Question 2

Is a survey Quantitative or Qualitative and Primary or Secondary?

Answer 2

Both Qualitative and Quantitative and Primary Research

Question 3

Advantages and Disadvantages of Surveys?
(3 Advantages and 3 Disadvantages)

Answer 3

-More Cost Affective
-Provides Good Data
-Avoid Need for interaction

-Responders may not provide accurate answers (bias)
-Making wrong questions can lead to inaccurate data
-Could skip questions and quit

Question 4

What are Focus Groups?

Answer 4

A group of people assembled to participate in a discussion about a product before its launched to provide feedback

Question 5

Are Focus Groups Quantitative or Qualitative and Primary or Secondary?

Answer 5

Primary Research and Qualitative Data as asking for opinions

Question 6

Advantages and Disadvantages of Focus Groups?
(5 Advantages and 5 Disadvantages)

Answer 6

-Rich
-In depth
-Pretty Flexible
-cost-effective
-speedy

-No conclusion
-messy data
-requires trained moderator
-difficult to analyze data
-may not be representative

Question 7

What are Telephone Interviews?

Answer 7

Form of Market Research carried out over the telephone.

Question 8

Is a Telephone interview Quantitative or Qualitative and Primary or Secondary?

Answer 8

Qualitative Data as talking to people about their wiews and opinions. Primary Research

Question 9

Advantages and Disadvantages of Telephone Interviews?
(3 Advantages and 3 Disadvantages)

Answer 9

-Easier
-Less costly than in person interview
-no travel costs to attend interview

-Responders have to answer the call
-behaviour/body language cant be observed
-shorter interviews

Question 10

What are Observations?

Answer 10

Technique which involves directly observing customers or another target audience in their natural environment. How shoppers stop outside of shops, where they go, where they enter the store etc…

Question 11

Are Observations Quantitative or Qualitative and Primary or Secondary?

Answer 11

Quantitative and Primary

Question 12

What is Test Marketing?

Answer 12

Method that aims to explore consumer response to a product or marketing campaign by making it available on a limited basis.

Question 12

Advantages and Disadvantages of Observations?
(2 Advantages and 2 Disadvantages)

Answer 12

-See with your own eyes (accurate)
-Dont have to ask them

-could be bias
-have to have the ability to observe things

Question 13

Is Test Marketing Quantitative or Qualitative and Primary or Secondary?

Answer 13

Can be Qualitative or Quantitative and is Primary Research

Question 14

Advantages and Disadvantages of Test Marketing?
(3 Advantages and 4 Disadvantages)

Answer 14

-Distribution is guaranteed
-helps establish brand and audience
-competitive advantage

-Cant get reactions
-costly and time-consuming
-competition can copy
-difficult to find representative sample

Question 15

What are Market Research Reports?

Answer 15

A document that summarizes the findings of a market research report. Helps businesses to understand their needs, preferences and behaviours of potential customers and competitors. Typically includes market size , trends, opportunities, challenges, customer satisfaction etc..

Question 16

Is a Market Research Report Quantitative or Qualitative and Primary or Secondary?

Answer 16

Can be primary or secondary reserach and it can also be Qualitative or Quanitative.

Question 17

Advantages and Disadvantages of a Market Research Report?
(3 Advantages and 3 Disadvantages)

Answer 17

-help to make informed decisions
-makes sure targeting right market
-competitive edge

-costly and time-consuming
-inaccurate or outdates if biased resources
-confusing

Question 18

What is Google?

Answer 18

A search engine on the internet to search up lots of different topics

Question 19

Is Google Quantitative or Qualitative and Primary or Secondary?

Answer 19

Primary and Secondary and both Quantitative and Qualitative

Question 20

Advantages and Disadvantages of Google?
(4 Advantages and 5 Disadvantages)

Answer 20

-Accurate Results
-Lots of options
-Relevant
-Helpful

-May not show you all relevant date just what it wants you to see
-may track personal data and prioritize data
-not the best for niche topics
-can be costly online
-time-consuming

Question 21

What are Loyalty Schemes?

Answer 21

Marketing stratergies that companies use to encourage continued customer loyalty and long-term repeated business.

Question 22

Are Loyalty Schemes Quantitative or Qualitative and Primary or Secondary?

Answer 22

Quantitative as collecting up data and both Primary and Secondary Data.

Question 23

Advantages and Disadvantages of Loyalty Schemes?
(4 Advantages and 3 Disadvantages)

Answer 23

-Helps Retain Customers
-Improve Sales
-Helps with marketing campaigns
-helps with business growth

-Customer stalking (invading privacy)
-reduced profits
-decreased brand value

Question 24

What is social Media?

Answer 24

Websites and applications that allow people to create and share content or participate in social networking.

Question 25

Is Social Media Quantitative or Qualitative and Primary or Secondary?

Answer 25

Secondary Market Research and Both Quantitative and Qualitative

Question 26

Advantages and Disadvantages of Social Media?
(4 Advantages and 4 Disadvantages)

Answer 26

-Helps us keep connected
-Shares info for learning
-can give business opportunities looking to promote business/help grow
-Entertainment

-Cyber Bulling is quite big/common
-Personal info collected (Not much privacy)
-can become addictive
-can get fake/inaccurate news

Question 27

What are Online surveys?

Answer 27

A questionnaire that you can complete over the internet.

Question 28

Are Online Surveys Quantitative or Qualitative and Primary or Secondary?

Answer 28

Primary Research and can be both Quantitative and Qualitative

Question 29

Advantages and Disadvantages of Online Surveys?
(6 Advantages and 4 Disadvantages)

Answer 29

-Cost effective
-Fast
-Convenient
-Large/ diverse
-reduce bias
-Enhance data

-May exclude some of the population
-duplicate responses
-Sampling issues
-bias responses