Week 7 - Market Research

Question 1

How does a business use market research?

Answer 1

• Make informed decisions
• Brand the product image
• Market it to the right customers
• To meet the needs of their customers
• To beat competitors and make their product stand out • To understand the requirements of its market
• The suitability of its existing or proposed products
• The strength of competition that the business faces

Question 2

Advantages quantitative data?

Answer 2

• Can be distributed quickly
• Easy to replicate and make
generalisations
• Personal bias can be
avoided

Question 3

Disadvantage quantitative data?

Answer 3

• Sample size can create misleading outcomes
• Misinterpretation by the
reader
• Closed answers with no
scope of elaboration

Question 4

Advantages of qualitative data?

Answer 4

• Helps to provide more insights with open-ended questioning
• Can be adapted for cultural sensitivity
• Avoids group think

Question 5

Disadvantage of Qualitative data?

Answer 5

• Interpretation is subjective (Sarstedt & Mooi, 2014)
• Costly
• Time-consuming to collect