Market 451

Marketing Analysis Paper

MKT/421

December 15, 2011

Marketing Analysis Paper

The five basic methods that are normally used by businesses in today market are surveys, focus groups, personal interviews, observation, and field trials. The types of data require and the amount of money the businesses is willing to spend will determine which techniques is use. The survey methods are a straightforward way to analyze sample groups that directly represent the target markets. The larger the sample, the more reliable the survey results will be. This type of analysis is usually conducted in a high-traffic location such as shopping malls. The survey also allows the samples of the products, and generates immediate feedback. The disadvantages of surveys are they are usually costly. Some in-person surveys can cost as much as $100.00 per interview.

Another type of surveys method that is less expensive is the use of telephones. The down side of this approach is it is difficult convincing people to participate. These types of survey generally yield response rates of about 50 percent. Mail surveys are another relatively inexpensive method to reach a large audience. Mail surveys only generate a response of about 3-5 percent. But despite the small response rate, mail surveys still remain the favorite choice for small businesses. Online surveys responses are unpredictable and unreliable due to not having control over the respondents (The Five Basic Methods of Market Research 1999-2011).

The focus groups method uses a series of questions or topics to lead a discussion. These session usually last one to two hours and takes at least three groups to be reliable. Personal interviews provide a more subjective data than surveys. The results are more reliable, which means large samples of the population. Personal interviews are an excellent way to uncover issues with a new product. The observation methods perform by observing the consumers reaction to new product. The observation methods...