Erica Jenson has a limited budget to conduct a market research. Which of the following research approaches would provide Erica with the most cost-effective way to reach a large number of respondents in a short period?
A) telephone surveys
B) personal interviews
C) Internet-based surveys
D) mail surveys
E) focus group interviews
The correct answer and explanation is :
The correct answer is:
C) Internet-based surveys
Explanation
When conducting market research on a limited budget, cost-effectiveness and the ability to reach a large number of respondents quickly are critical factors. Among the given options, Internet-based surveys provide the most efficient solution.
- Low Cost Per Response
- Internet surveys require minimal financial investment once the survey is designed and hosted on a platform.
- There are no printing, mailing, or interviewer costs, unlike mail surveys, telephone surveys, and personal interviews.
- Many free or low-cost online survey tools (e.g., Google Forms, SurveyMonkey) allow businesses to distribute surveys at almost no expense.
- Fast Data Collection
- Internet-based surveys allow businesses to collect responses almost instantly.
- Unlike telephone or personal interviews, which take time to schedule and conduct, online surveys can reach thousands of respondents simultaneously.
- Wider Reach
- Online surveys can be distributed through email, social media, or websites, enabling Erica to reach a broader audience.
- Geographic limitations are removed, allowing for national or even global research.
- Automated Data Processing
- Responses are collected electronically and can be analyzed in real time.
- Unlike mail surveys, which require manual data entry, Internet-based surveys save time and reduce the chances of human error.
Why Other Options Are Less Suitable
- Telephone Surveys: Expensive due to call charges and labor costs.
- Personal Interviews: Time-consuming and costly per respondent.
- Mail Surveys: Slow response time and printing/mailing costs.
- Focus Groups: Limited in size, expensive to organize.
Thus, for Erica Jenson’s limited budget and need for a large sample in a short time, Internet-based surveys are the best choice.