Market Research

• What is field research?

  First-hand information collected for a purpose
• Why is field research considered specific?

  It is collected for a specific purpose
• What are the advantages of field research?

  • Only firm has access to data
  • Collected for a specific purpose
• What are the disadvantages of field research?

  • Expensive to collect
  • Time consuming
• What are methods of collecting field research?

  1. Face-to-face interview
  2. Postal survey
  3. Focus group
  4. Hall test
  5. Telephone interview
  6. Online survey
  7. Observation
• What is a key advantage of face-to-face interviews?

  Two-way communication allows clarification
• What is a disadvantage of face-to-face interviews?

  Personal interviews can be expensive
• What is a disadvantage of postal surveys?

  Response rate is very low
• What type of information do focus groups provide?

  Qualitative information like opinions and feelings
• What is a disadvantage of focus groups?

  They can be expensive to conduct
• What is a disadvantage of hall tests?

  Respondents may give overly positive feedback
• What is an advantage of telephone interviews?

  Can reach a large geographical area
• What is a disadvantage of online surveys?

  Limited to people with internet access
• What type of information does observation gather?

  Quantitative information from real-life actions
• What is a disadvantage of observation?

  Only shows actions, not attitudes
• What is desk research?

  Second-hand information collected by others
• What are methods of collecting desk research?

  1. Sales figures
  2. Newspapers
  3. Websites
  4. Government publications
  5. Commercial publications
• What are the advantages of desk research?

  • Saves time
  • Relatively inexpensive
  • Widely available
• What are the disadvantages of desk research?

  • Not specifically gathered for the business
  • May be out of date
  • May contain bias
• What is sampling?

  Creating a small unbiased population for testing
• What is random sampling?

  A sample created by chance without targeting
• What is a disadvantage of random sampling?

  The sample may not reflect the target market
• What is quota sampling?

  A sample mimicking market characteristics
• What is an advantage of quota sampling?

  Cheaper as fewer respondents are required
• How do random and quota sampling differ?

  • Random sampling: no specific target segment
  • Quota sampling: targets specific characteristics
  • Random sampling: often more expensive
  • Quota sampling: requires fewer respondents