Research

bennevin26
Mind Map by bennevin26, updated more than 1 year ago
bennevin26
Created by bennevin26 about 7 years ago
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Business & Economics Unit1 Mind Map on Research, created by bennevin26 on 05/06/2013.
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Resource summary

Research
1 Primary
1.1 First hand information gathered about a market which has been self collected
1.2 Advantages
1.2.1 Up to date
1.2.2 Asks the questions you want to know
1.2.3 Collects results nobody else has access to
1.3 Disadvantages
1.3.1 Time consuming
1.3.2 Costly
1.3.3 May be biased due to who has been asked. (Generalisable)
2 Secondary
2.1 Research that already exists and has been collected by someone else for another purpose
2.2 Advantages
2.2.1 Cheap
2.2.2 Fast
2.2.3 Can still answer the questions you want to be asked
2.3 Disadvantages
2.3.1 May not answer the question you want to be asked
2.3.2 May be out of date
2.3.3 Anyone has access to the info
3 Product Trial
3.1 Research conducted on a sample of people to determine the success of the product and to find out how any improvements can be made
3.2 Advantages
3.2.1 Helps identify any flaws the product has
3.2.2 Helps to find out how well the product will do
3.2.3 Customers opinions are taken into account in order to improve the product
3.3 Disadvantages
3.3.1 Make the product available to competition
3.3.2 Costly
3.3.3 Sample size can often be too small to generalize
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