There are five popular methods to conduct an MRS. You will determine which method is best for you depending on the type of data you are looking for and the amount of money you want to spend. An MRS can be as simple as a single sheet of questions intended for the people in your neighbourhood or a complex focus group study which requires an overnight stay.
1. SurveysBy far the most popular method of market research studies. Packaged in the form of questionnaires, the questions are concise and straightforward and can be held almost anywhere. The larger your sample the more reliable the results will be.
(a) The most popular of this group is the in-person survey, or one-to-one survey which you frequently see at malls. While they do generate a response rate of about 90%, they can be very costly because of the labor costs involved.
(b) Next, we have the telephone survey which in the last decade has dwindled considerably. Nobody wants to hear from a telemarketer during dinner. These are less expensive than in-person surveys but only generate a response of about 50%.
(c) The mail survey may be the best choice for small businesses because it is the most cost-effective and can reach a broad audience. On the downside, the response rates can vary from 3% to 15%.
(d) on-line surveycan be very inexpensive and quick to receive response. The problem is that you have no control over who is responding so your data may not reflect your target market.
