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Market research involves the use of a variety of consumer research methods - Leaving Cert Home Economics - Question 4(c) - 2021
Question 4(c)
Market research involves the use of a variety of consumer research methods. (i) Name and describe two methods of consumer research. (ii) Outline the benefits of co... show full transcript
Worked Solution & Example Answer:Market research involves the use of a variety of consumer research methods - Leaving Cert Home Economics - Question 4(c) - 2021
Step 1
Name and describe two methods of consumer research.
Answer
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Desk Research (Primary Research): This method involves the collection of data from secondary sources such as government agencies, internet databases, and market analysis reports. It is efficient in gathering large quantities of information quickly. However, the data is often general and may not provide in-depth or specific qualitative insights. For instance, phone surveys can be employed to gauge consumer interests.
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Field Research (Secondary Research): This research involves primary data collection techniques, such as consumer interviews, surveys, or focus groups, which help in understanding consumer behavior and attitudes. This method is detailed and provides qualitative insights, allowing researchers to gather nuanced data on consumer preferences and needs.
Step 2
Outline the benefits of consumer research for both the consumer and the retailer.
Answer
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Benefits for Consumers:
- Identification of Needs: Consumer research helps identify specific needs and expectations of consumers, which can lead to more tailored products.
- Quality Improvement: It enables businesses to improve the quality of products and services based on consumer feedback.
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Benefits for Retailers:
- Market Understanding: Retailers gain insights into market trends and consumer preferences, helping them to adapt their strategies accordingly.
- Target Market Identification: Effective consumer research assists in identifying the target market, allowing retailers to optimize their product offerings and marketing strategies to better meet consumer demands.
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Additional Points: Both consumers and retailers benefit from improved competition, which can lead to greater innovation and better pricing structures in the market.