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Summary: Chapter 2
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Read the summary and the most important questions on Chapter 2
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1 Chapter 2
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Why do businesses conduct market research?
To know customer needs, estimate likely demand, help to understand the market, knowledge of competitor -
Give reasons for inaccuracy in primary research
Failure to ask enough people, asking too many of one type of people, poorly designed questionnaire -
Give reasons for inaccuracy in secondary research
Outdated information, information not specific enough, unreliable sources -
Give advantages and disadvantages for internet research
+ Free, quick
– Some sources may be biased, unlikely to be exactly what you need -
Give advantages and disadvantages of a telephone survey
+ Cheap, clarify unclear questions
– May be viewed as a nuisance -
Give advantages and disadvantages of a questionnaire
+ Easy to analyse, relatively fast
– Doesn’t answer why, may be biased -
Give advantages and disadvantages of supplier feedback
+ Future trends, helps build relationships with suppliers
– May be biased -
Give advantages and disadvantages of customer feedback
+ Real insight
– Only looking at customers -
Give advantages and disadvantages of focus groups
+ In-depth
– Expensive, small samples -
Why do small firms adapt their products?
To meet special needs of customers, therefore increasing sales and customer loyalty
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