MGT301 Assignemnt # 1 Solution

Q: You are the marketing manager of a company. You are going to introduce a new product in the market. You have to perform a marketing research in order to analyze the consumer demand. Explain any four methods by which you can collect the data necessary for conducting your research? Also explain the advantages associated with using these methods? (5*4 = 20 Marks)
Research Method = 1 Mark
Advantages = 4 Marks
The marketing manager can utilize various methods to collect information from its target market. Some of these methods are as follows:
1. Mail questionnaires are used to collect large amounts of information at a low cost.
Advantages:
The responses are gathered in a standardized way, so questionnaires are more objective, certainly more than interviews.
Generally it is relatively quick to collect information using a questionnaire. However in some situations they can take a long time not only to design but also to apply and analyze.
Potentially information can be collected from a large portion of a group. This potential is not often realized, as returns from questionnaires are usually low. However return rates can be dramatically improved if the questionnaire is delivered and responded to in class time.
2. Telephone interviewing is good method for collecting information quickly.
Advantages:
High speed
Saves cost
Callbacks
Can use computerized random digit dialing
Expanded geographic area coverage without increasing the cost
Use fewer but highly skilled interviewers
Reduced interviewer bias
Better access to hard-to-reach respondents through repeated callbacks
Use computer assisted telephone interviewing (CATI)
3. Personal interviewing (Individual or group interviewing).
A form of personal interviewing is "focus group interviewing". Focus-group interviewing consists of inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues.
Advantages:
The opportunity for feedback
Probing complex questions
Length of interview
High completion rate
Visual aids
High participation rate
Observation of the non-verbal behavior
Non-literates can participate in study
Interviewer can prescreen respondent
4. Online (Internet) Research can consist of internet surveys or online focus groups. Many experts predict that online research will soon be the primary tool of marketing researchers.
Advantages:
Speed and cost effectiveness
Visual appeal and interactivity
Accurate real-time data capture
Callbacks
Personalized and flexible questioning
Respondent anonymity