Subtask 1
1.1.1Market Research
Market research is the process of collecting vital information about a company's target audience, market, and
competition.
Through market research, companies can understand their target audience better. They can make better
products, improve user experience, and design a marketing strategy that attracts quality.
1.1.2 Questionnaire
A questionnaire is a structured set of questions designed to gather information from individuals for research or
survey purposes. It is a common tool in market research, social sciences, and various fields to collect
standardized data from respondents.
2.1 Advantages and Disadvantages of Market Research for Colgate-Palmolive.
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Market research provides valuable insights into consumer preferences, helping businesses tailor their
products or services to meet customer needs effectively
Market research serves a critical function for achieving growth and reducing business risk.
Conducting market research can be expensive and time-consuming, especially for small businesses
with limited budgets and resources.
The quality of market research data heavily relies on the data collection methods and sample size. If not
conducted carefully, there is a risk of obtaining biased or inaccurate data, leading to faulty insights and
misguided decisions.
1.3 Advantages and Disadvantages of a Questionnaire for Colgate-Palmolive.
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Cost-effectiveness: they are cost effective data collection method as compared to interviews or focus
groups.
Fast results: questionnaire are the simplest and fastest means of collecting data as they reach the
audience instantly, and responses are registered by the surveyor pretty much simultaneously.
Incorrect feedback: one of the biggest challenges marketers face when conducting surveys is that
respondents give dishonest feedback.
Limited response options: having a limited response in a questionnaire is a major drawback and can
deter a respondent from providing correct data simply because the response options do not include it.