Business Studies – 3.2.1 Methods of market research | e-Consult
3.2.1 Methods of market research (1 questions)
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Answer 3:
Using online surveys as secondary market research for geographical expansion presents both advantages and disadvantages:
| Cell | Description |
| Cost | Relatively low cost compared to traditional methods. |
| Time | Quick to distribute and collect responses. |
| Reach | Can reach a large and diverse audience. |
| Data Quality | Potential for low response rates and biased results (e.g., only people with internet access). |
| Data Relevance | May not accurately reflect the local market if the survey is not tailored to the specific geographical area. |
Advantages: Online surveys are cost-effective, quick to administer, and can reach a wide audience. They provide valuable insights into consumer preferences and market conditions in the target area. Disadvantages: Response rates can be low, and the results may not be representative of the entire population if access to the internet is uneven. The survey questions need to be carefully designed to be relevant to the specific geographical area. There is also the potential for bias, as those with internet access are more likely to participate.