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level: Market Research

Questions and Answers List

level questions: Market Research

QuestionAnswer
what is market research?the process of gathering, recording and analysing data about customers, competitors and market trends
what are the two types of market research?desk field
describe desk researchsecondary information that has been collected by someone else
describe field researchprimary information that a business collects themselves
what are some advantages of desk research?affordable & quick as info already exists
what are some disadvantages of desk research?info may not be accurate & up to date information isn't tailored to suit your business info is available to competitors info could be biased
what are some advantages of field researchinfo up to date & accurate info specific to your business competitors can't access this information
what are some disadvantages of field research?expensive as need to hire someone to collect info time consuming as need to collect info yourself people may not tell truth
what are the methods of field research?personal interview postal survey telephone survey online survey social networking focus group/consumer panel
describe a personal interviewface to face interview with a trained interviewer held on the streets or at home
describe a postal surveyseries of questions sent to your home through the post and sent back once completed
describe a telephone surveyseries of questions is asked an answered on the phone
describe an online surveya number of questions is displayed and answered on a website
describe social networking field researchbusiness sets up a social media account to interact with customers around the world
describe a focus groupa group of customers is gathered to take part in a discussion about a product
give advantages of social networking as field researchlarge number of people can be reached questions can be answered quickly two way communication can occur between business and customer
give advantages of postal surveysfairly inexpensive can target certain market segments by postcode people can complete survey when suits them
give advantages of personal interviewsyou can see their body language you can ask follow up questions & seek clarification researcher can encourage respondent to answer certain questions
give advantages of telephone surveysyou can seek clarification you can target certain dialing codes information is obtained immediately
give two advantages of a focus groupmultiple opinions you can seek clarification
give two advantages of an online surveywebsite link can be sent to a number of people around the world computer can automatically display and collate results in real time
give two disadvantages of social networking as field researchcustomers may not want to interact with social media pages information can be viewed by competitors
give two disadvantages of postal surveysgets lost or put in the bin low response rate no opportunity for clarification
give disadvantages of personal interviewspeople might rush through and lie researcher must be trained, expensive can be time consuming, only one person interview at a time
give two disadvantages telephone surveyspeople hang up or don't answer large number of calls will need to be made to get many responses
give two disadvantages of focus groupscertain people take over the group cost of travel and attendance financial incentives may be needed to encourage people to take part sample of people may not represent views of the whole population
give two disadvantages of online surveysrelies on respondents having internet access no personal contact with business to clarify misunderstandings