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Notes Chapter 11

Chapter 11 covers market research, focusing on primary and secondary data collection methods. Primary data is original and specific but can be costly and time-consuming, while secondary data is readily available and cheaper but may not serve specific business needs. Various methods of research, such as questionnaires, online surveys, interviews, and focus groups, are discussed along with their advantages and disadvantages.

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2 views

Notes Chapter 11

Chapter 11 covers market research, focusing on primary and secondary data collection methods. Primary data is original and specific but can be costly and time-consuming, while secondary data is readily available and cheaper but may not serve specific business needs. Various methods of research, such as questionnaires, online surveys, interviews, and focus groups, are discussed along with their advantages and disadvantages.

Uploaded by

Nisa Bahl
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Notes Chapter 11

Section 4: Marketing
Chapter 11: Market Research

Key for Notes:


 Definition= blue
 Analysis – green
 Important points – red

 Underline – subtopic
 Purple- syllabus guide
 Other colors- irrelevant

*ANALYSIS?? – no analysis there


*TB CHECK
SYLLABUS GUIDE CHECK
Definition
Primary data: original data collected firsthand for specific needs of the firm.

Advantages
 Data is up to date
 Not available for competitors
 Relevant for specific business purpose
Disadvantages
 Takes time
 Costly
 Risk of inaccuracy/bias

Definition
Secondary research: collection of data from secondhand sources like the
internet, government, publications, newspapers, & magazines, internal
business records, local library, market research agencies.

Advantages
 Readily available – easier to obtain
 Cheaper
 Reliable

Disadvantages
 Does not serve specific business purpose
 May not be up to date
 Competitors also have access to data
Methods of primary research
1. Quantitative research
Definition
Collection of numerical data that can be analyzed using statistical techniques.

2. Qualitative research
Definition
Collection of information about consumer buying behavior and their opinion
about products.

Methods of Primary research:


 Quantitative:

 Questionnaires
 Online survey
 Sampling

 Qualitative

 Interviews
 Focus groups
*Sample definitions

1. Questionaries
Advantages
 Detailed information
 Customers opinions can be obtained (about G/S)
 Can be carried out online
 Vouchers can be offered: to encourage people to fill questionnaire
Disadvantages
 If questions are not well thought of the answer to them will not be
accurate- misleading to business
 Long time/money- carrying out questionnaires
 Collating & analysis results- time consuming

2. Online surveys
Advantages
 Fast
 Cheap v/s interviews/postal questionnaires
 Easy to complete for participant
 Data collected can be quickly presented – using IT tools

Disadvantages
 Absence of interviewer to explain open ended questions/ask to follow up
questions
 Cannot reach ‘potential respondents’ who don’t have access to the
internet
 Scope for fraud: not give honest answers/complete survey carelessly

3. Interviews
Advantages
 Interviewer able to explain open-ended questions/ questions
interviewee doesn’t understand
 Detailed information can be gathered about interviewees’ preferences

Disadvantages
 Interviewer Bais- (consciously/unconsciously) can lead to interviewee
answering in an inaccurate way
Interviewers could influence interviewees’ answer- leading to an
inaccurate answer

 Time consuming + expensive

4. Focus groups
Advantages
 Provide detailed info about consumers’ tastes and preferences
 Quicker + cheaper v/s individual interviews

Disadvantages
 Time consuming + expensive
 Discussion could be biased
 Discussion can be dominated by just a few people

Methods of secondary research

Internal sources of secondary research:


 Finance department
 Existing data
 Customer records
 Sales department
 Sale associates

External sources:
 Newspapers
 Agencies- expensive
 Government statistics
 Internet- easy
 Media
 Trade associations

Presentation of data from market research


 Charts
 Graphs-
 Line graphs: used to relationship between 2 sets of data
 Diagrams
 Pictograms

Factors influencing accuracy of market research data


 Sample drawn up/selected
 Honesty of answers
 Size of sample: larger- more accurate
 Wording of questions
To avoid questions being misinterpreted:
Solution- try questions on small groups of people before large sample
 Bais
e.g.) articles, newspapers

 Age of information: out of date: due to changing trends/preferences

 Who carried out research: secondary may not be as accurate a first:


don’t know HOW research was carried out

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