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Market Research, Market research is essential to anticipate and identify…

- - - - Can take lots of time
      - Customer may feel like it is a nuisance
  - - - Quality feedback can be gathered
      - Inexpensive to do
    - - Customers' opinions and feeling can be difficult to analyse
      - Customer may feel forced to give good feedback
  - - - Changes made to product before wider market launch
      - Money is saved on launching product on wider market if test is unsuccessful
  - - - More in-depth feedback
      - Customers have agreed to participate so considered responses are more likely
    - - Have to pay participants
      - Strong personalities within group can sway discussion and opinion
  - - - Adv
        
        Easy to target specific customers
        
        Customer have option to complete survey at time best for them
      - Disadv
        
        Questions must be simple to get best result
        
        May go in junk mail
    - - Adv
        
        Customers can be surveyed across a very large geographical area
        
        Online software can often be used to collate and analyse results
      - Disadv
        
        The responses may be too brief to be meaningful, as clarification cannot be gained
        
        Access to the internet must be available
    - - Adv
        
        Easy to target specific customer, e.g calling 0141 numbers to target customers living in Glasgow, to allow local needs to be met
        
        Info is obtained immediately and can be clarified if necessary
      - Disadv
        
        Customers can feel that telephone surveys are intrusive and may not wish to respond
        
        Only short surveys can be carried out
  - - - Info gathered over period of time, customer trends can be identified
      - More detailed feedback gathered
    - - Participants receive payment so this method is expensive
      - Info recorded may be inaccurate or incomplete
  - - - Gathers vital info on consumer behavior like when,where and what they buy also reaction on special offers
      - Allows retailers to offer promotions e,g money-off coupons
    - - Time consuming to set up
      - Money off products can lower profits for business
      - Very expensive to set up
      - Info can be incomplete if customer shop elsewhere at times
- - - - Cost effective- desk information does not require trained and paid interviewers or research companies
      - Available- desk information already exists so is easy to look up
      - Timely- Desk info is quick to gather
    - - Not appropriate- desk information is not fit for the exact purpose and may have to be shoehorned to fit the business's needs
      - Not concise- the researcher may have to read through a lot of information to get what is needed
      - Not Objective- desk information is collected and presented by someone else, so could be biased
- - - - No bias is shown by researcher
      - Saves time in selecting the sample
    - - Sample may not reflect the target market
      - Can over-represent a certain segment, e.g all males could be chosen at random
      - Can be expensive as many calls may have to be made if customer lists are not up to date
  - - - Quick and easy method as group lists are pre-made
      - Can select customers that reflect the target market
    - - The exact sample from each group is not randomized, so researcher bias could be involved