Surveys, Interviews, Focus groups, Observations

Availability and quickness of data collection vs. Inadvertent exclusion of a large proportion of the population, thus presenting highly skewed findings

Highly expensive, could be replicated, wasteful (e.g. packaging)

Gives businesses up-to-date info, Helps firms tailor their market mixes for target segments, Assesses customer reactions to products, understand rivals etc.

economies of scale, large market size / customers vs. Intense competition, large amounts of spending on advertising

Small samples --> not representative, very time consuming, requires good interviewer

drive strategic planning in a business, plan for the future, improve operational efficiency etc.

Detailed questions asked to gather insights in group setting vs. majority view / costly etc.

People, process, physical evidence.

Findings are more reliable than random sampling vs. not always representative depending on numbers chosen for each category

Market analyses, Academic journals, Government publications, Media articles, Online content

time consuming, costly, validity is questionable if poorly designed