Marketing
Methods Q&A
Part A
1.
Explain marketing research process.
·
The Marketing research process is a set of
steps defines the tasks to be accomplished in conducting a marketing research study.
- Define the problem - Data collection
- Development
of an approach to the problem - Data analysis
- Research design formula - Report preparation
2.
List 3 secondary data sources for both internal &
external.
Internal External
-
Sales figures - Competitor information
-
Customer Reports -
Government publications
-
Company Reports -
Trade association data
3.
List 3 primary field data sources.
·
Experiments
·
Observation
·
Surveys
4.
Choose
one of the primary field data sources.
a.
Explain it in more details (3 points)
Observation:
·
When
researchers use their senses to examine things, and collect information without
questions being asked.
·
Useful to find what
products interests people, what products they might buy, how they buy, and
where they buy them from.
·
Carried out in
laboratories or real life situations.
b.
Explain the advantages & disadvantages (3 points each)
Advantages Disadvantages
-
What people do rather than say - Time consuming and costly
-
Not relying on memory - Partial information is given
-
Carried out without customers’ knowledge -
“Why question” is not answered
PART B
1.
What
is a micro-environment and list 5 elements
·
Small
forces within a company that affect its ability to serve customers.
-
Customers - Local government
-
Employees - Competitors
-
Suppliers
2.
List
and describe the four categories of competitor environment.
Direct Competitors: A situation in which two or
more businesses offer products or services that are
essentially the same.
Close Competitors: A term that describes a
company that produces a identical good or service that is
offered for sale within the
same market as other companies.
Substitutes: Products that are different but might be
bought instead.
Indirect
Competition: Conflict
between vendors whose products or services are not the same but that
could satisfy the same consumer need.
3.
Define
and provide an example from YOUR experiences
·
Perfect competition
·
Selling the same kind of goods to a customer
who buy on price alone.
-
Example: I have seen many agricultural markets
selling the same fruits and vegetables.
·
Monopolistic
competition
·
When producers sell
products that are differentiated from one another.
-
Example: Restaurant
businesses.
·
Oligopoly
·
A state of limited competition, in which a market is shared
by a small number of producers or sellers.
-
Example: Cable TV
services.
·
Monopoly
·
A single supplier
-
Example: United States
Postal Service (USPS).
4.
List
and describe Porter’s five forces.
·
Intensity of existing
competition
o Firms within an industry put
pressure on one another and limit each other's profit potential.
·
Barrier to the entry
o How simple it is for newcomers to enter the market
·
Threat of substitute
o
Occurs when
companies within one industry are forced to compete with industries producing substitute products or services.
·
Bargaining power of
customers
o Strong customers will bring down prices.
·
Bargaining power of suppliers
o Strong suppliers will bring up prices.
5.
List
the 5 main market environment types.
·
Consumer or B2C markets
·
Business or B2B markets
·
Export markets
·
Government markets
·
Reseller Markets
6.
What
is a macro-environment and list 5 elements
·
Is the condition that exists in the
economy as a whole, rather than in a particular sector or region
-
Macro-economic
environment - Demographic environment
-
Political environment - Technical environment
-
Social and cultural
environment
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