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Unit 10 P1 Market Research in Business BTEC BUSINESS LEVEL 3
- Institution
- PEARSON (PEARSON)
pearsons,btec business,level 3,unit 10,market research in business, p1
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By: TamzG • 6 year ago
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Market researchPrimary Research
Primary research is research carried out by the company themselves. An advantage of this kind of
research is that the company can trust the data. A disadvantage is that it can cost the company more
money and they might not have the right resources.
Observation: Observations is watching behavior to find patterns. An example could be tracking what
kind of age group engages with the products and services the most. An advantage is that observations
are one of the most reliable form of research because the company can visually see what is happening.
One main setback to observing behavior is that it can be time consuming and costly.
Experimentation is basically when the company tries and tests new methods to see what gets the best
result. Companies can use trial and error by introducing new products and services and see whether
they become popular or not. A advantage of this is that companies can see for themselves what has
worked for them. A disadvantage could be that every time the company makes a wrong decision it will
end up costing them as they may lose customers if they become unhappy with the change.
Surveys are questionnaires for customers to fill out to give feedback or ideas to companies. Surveys
come in different format such as by post, face to face, via phone and online.
Face to face surveys are usually initiated on high streets or anywhere else that is busy. An advantage of
face to face surveys is that the interviewer can see the persons facial expression to see how they truly
feel about the product or service. A disadvantage is that the consumer might be in a rush and might
answer the questions quickly without any detail, which then wastes the interviewers time because the
information they receive by the end is insufficient.
Postal surveys are surveys that come through the post. An advantage of postal surveys is that it doesn’t
cost too much and the company can send it out to anywhere in the country. A disadvantage of postal
surveys is that the response rate is very low and less that 1 in 10 people respond.
Telephone surveys are surveys that generally happen in the afternoon to evening when people are home
to pick up the landline. An advantage of this is that it is cost effective and they can call anyone in the
country. A disadvantage is that the interviewee may not want to be interviewed after coming home from
work and would feel that their personal time is being invaded. Many people may even hang up as soon
as they know it’s an interview.
Email surveys are usually sent when the recipient opts in to fill in surveys. An advantage of these is that it
can kill time for the consumer for when they have nothing else to do and the survey would be easy for
them to fill out as they are already on a device to read the email in the first place. A disadvantage is that
it is easy for the consumer to lie in the survey and the consumer may eventually stop filling in surveys if
they are sent too many surveys.
TBC
Secondary research
This type of research relies on already existing data and from third parties. This data can be inaccurate or
outdated making it unreliable.
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