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Market research (Primary Research (field research) (Look for new…
Market research
Primary Research (field research)
Look for new information that is useful to the company
Focus Group:
A small group of target audience is invited to a meeting where you can get a lot of quantitative data about customer needs and opinions
Advantages
You can change your product before you sell it after hearing feedback
You get to hear a lot of people ideas and opinions
Disadvantages
It is not easy to persuade people and you might pay them to come as well as pay they guy that is running the focus group (quite expensive)
They might not represent the total customers
Observation
: This could involve watching how customers reacts to your new product Also you can watch how rival companies treat its customers
Advantages
Can help you to improve your customer services by watching your rival
It shows you what the customer likes and what it does not like
Disadvantages
These persons might not represent the whole target audience
Is gone take a lot of time and it is also difficult
Questionnaire / Survey:
Good to find out quantitative data which you could plot it in graphs. A lot of people can be asked
Advantages
You can put a lot data into graph so it is easier to understand and analyse
You might get a lot of quantitative data by asking a lot of people
Disadvantages
You don't get details feedback because the questions are normally closed
You might not be asking the right people or the right questions
I
nterviews:
Could be phone interview, face-to-face interview, etc. You usually get qualitative data.
Advantages
A lot of different opinions, ideas and details can be found
Instant feedback
Disadvantages
Each interview take too much time
The interviewees chosen might not represent accurately the views of your target audience
Consumer Panel: I
t is usually online and help the business to know the target audience buying habits over a period of time.
Advantages
As a result of your information you might want to increase or decrease the amount of some products that you offer to the public
Buying habits can be tracked
Disadvantages
Might not represent the whole target audience
As it is online your answers might not be accurate
Test Marketing:
If you are launching a new you product, you might sell it in a small geographical area and to get feedback from customers of what they think of your product
Advantages
You can improve your product before launching it across the country
Prevent you from spending huge amount of money if there is no demand for the product
Disadvantages
Time consuming because takes a lot of time
Your small geographical sector may not represent the whole country
Secondary research (Desk Research)
Using information that has been already produced