market research

• One benefit of target marketing is tailoring products because you can adapt products to meet your target markets needs
• Another benefit of target marketing is setting an appropriate price. This is because pricing can be set to reflect what target market would be willing to pay for products or services , maximising profits
• Field research is first hand information collected by the business for a specific purpose
• Advantages of field research are that only the business that collects the firm has access to it and it’s collected for a specific purpose
• Disadvantages of field research are it’s expensive to collect and can be time consuming
• Desk research is second hand information collected by someone else
• Advantages of desk research is it saves time , it’s inexpensive and it’s widely available
• disadvantages of desk research are it’s not specifically gathered for the business , it may be out of date and it may contain bias
• advantages of a face to face interview is the researcher can encourage the respondent to answer and misunderstandings can be cleared up quickly
• disadvantages of face to face interview is they can be expensive and researchers have to be trained
• advantages of a postal survey are it’s inexpensive and there’s no interviewer training necessary
• disadvantages of postal survey are questions must be simple and the response rate is very low
• advantages of a telephone interview is they can reach a large geographical area and are inexpensive
• disadvantages of a telephone interview is the response rate may be low as viewed as a nuisance call
• advantages of an online survey are large sample sizes , inexpensive and can reach a large geographical area
• disadvantages of online surveys are it’s limited to people with internet access