Methods of Market Research Flashcards
Telephone survey
Researcher calls someone, usually a home phone and asks questions, this is good as a certain region can be targeted by phone number but most people aren’t willing to talk to them and find it annoying.
Hall test
A product is given to a customer to try for free and feedback is gathered, the feedback is good quality and relevant to do, it can take quite a while though.
Postal survey
Easy to target specific customers and a specific geographical region but most people think it’s trashy Dan throw it out
Online survey
Online surveys can be used to easily gather and analyse the information, access to the internet must be available.
What are the benefits of market research?
Helps to make more informed decisions when launching a new product or service, reduces the risk of developing an unsuccessful product
Market research helps businesses understand consumer behavior and enhance their reputation.
What is Quota Sampling?
Selected based on shared characteristics such as age, gender, or occupation
Interviewers must find individuals fitting these characteristics until a target is reached.
What is a key advantage of Quota Sampling?
Quick and easy due to pre-made group lists, can select customers reflecting the target market
This method can streamline the sampling process.
What is a disadvantage of Quota Sampling?
Exact sample from each group is not randomized, potential for researcher bias
It may also be time-consuming to find enough individuals with the correct characteristics.
What is market research?
Involves researching, analyzing, and recording market trends and data
It includes analyzing information that has already been gathered.
What are the two main types of market research?
Desk Research and Field Research
Each type has its own methods and purposes.
What is Random Sampling?
A method where participants are selected randomly without targeting a specific market segment
This can be done using a computer program or a list like a telephone book.
What is a key advantage of Random Sampling?
No bias shown by the researcher, saves time in selecting the sample
It ensures a more objective selection process.
What is a disadvantage of Random Sampling?
Sample may not reflect the target market, can be expensive and time-consuming
This occurs if many calls have to be made or if participants are unresponsive.
What is Sampling?
The process of creating a small unbiased group for testing or experimentation
It is crucial in field research to ensure representative results.
What is Desk Research?
Secondary information gathered for a different purpose
It is often used to save time and costs.
What is a key advantage of Desk Research?
Timely, cost-effective, and widely available
It allows businesses to gather information without extensive data collection.
What is a disadvantage of Desk Research?
Not specifically gathered for the business, may be outdated or biased
The quality of secondary data can vary significantly.
What is Field Research?
Primary information gathered for a specific purpose
It is typically more tailored to the business’s needs.
What is a key advantage of Field Research?
Complete, timely, appropriate, and accurate
This method provides data specifically suited to the business’s objectives.
What is a disadvantage of Field Research?
Expensive to collect and time-consuming
The costs and time requirements can limit the scope of research.
Name two methods of Field Research.
- Face to face interviews
- Online surveys
Other methods include postal surveys, focus groups, hall tests, and observations.
True or False: Market research enhances a business’s reputation by demonstrating they listen to customers.
True
This connection with customers can lead to increased loyalty and trust.
