Market Research Methods for a Small Business - Advantages and Disadvantages

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  • Created by: imcness
  • Created on: 30-03-16 13:26
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  • Market Research Methods for a Small Business
    • Internet
      • Advantages
        • You can find out more about other businesses and what they are selling
        • Accessible to everyone
      • Disadvantage
        • Has it's limits
        • Not all the information is true
    • Telephone Survey
      • Advantages
        • Cheap and effective
        • The customers would have their providers numbers
      • Disadvantage
        • Not everyone will agree to a survey
        • Could take quite long
    • Questionnaire
      • Advantages
        • Wide variety of information can be found out
      • Disadvantage
        • Not everyone would answer truthfully
        • You would only get one-sided opinions from people
          • Either good or bad - no in-between
    • Supplier Feedback
      • Advantages
        • The supplier is someone who gets the most insight into the business without being  a customer
      • Disadvantage
        • Just their opinion
    • Customer Feedback
      • Advantages
        • Up-to-date feedback
        • Benchmark results
        • Shows that you care
      • Disadvantage
        • Privacy Issues
        • Time consuming
    • Focus Group
      • Advantages
        • Easily measure customer reaction
      • Disadvantage
        • Not as in-depth
        • Expense
        • Moderator bias

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