CORE AREA 2 RESOURCE MANAGEMENT AND CONSUMER STUDIES HL CONSUMER RESEARCH
Consumer research involves the collection, processing and analysis of information from consumers about their needs and wants. This provides companies, manufacturers and retailers with a greater understanding of what consumers will buy. Marketing techniques and advertising rely heavily on consumer research.
Types of consumer research Consumer research can be carried out through field research and desk research.
Type of research Field research Description
Desk research
• Involves collecting data and information that has not been collected previously
• This can be obtained by face-to- face interviews, questionnaires/ surveys or observation
Purpose
• To find out information such as: o how often customers purchase a company’s product or service
o how likely consumers are to purchase new products or services
o what market price consumers expect to pay for a product or service
Advantages
Information obtained is specific and can be as detailed as necessary
Information is current Information is accurate
Disadvantages
Information can be time- consuming to collect
Can be expensive to carry out, as numerous people are needed, e.g. to distribute questionnaires and calculate findings
?
Information available can be quite general and lacking in detail: it may not be specific to the researchers’ needs
Information may not be current
Information can be collected quickly
An inexpensive form of research
• Involves collecting and analysing data and information that already exists
• This can be obtained from a variety of informative sources, including the internet, newspapers and company reports
• To find out information such as: o competitors o market trends
In relation to consumer research, differentiate between each of the following two methods:
