Part A
1. Explain marketing research process.
-Define the problem
-Define research objectives
-Choose data sources
-Choose the research methods
-Construct sample
-Set budget and deadlines
-Undertake research
-Analysis and evaluate
1. Explain marketing research process.
-Define the problem
-Define research objectives
-Choose data sources
-Choose the research methods
-Construct sample
-Set budget and deadlines
-Undertake research
-Analysis and evaluate
2. List
3 secondary data sources for both internal & external.
Internal: Cost data, Company reports and Sales figures.
External: Commercial publications, Directories, Competitor information.
Internal: Cost data, Company reports and Sales figures.
External: Commercial publications, Directories, Competitor information.
3. List
3 primary field data sources
Surveys, interviews, panels.
Surveys, interviews, panels.
4. Choose
one of the primary field data sources.
a.
Explain
it in more details (3 points)
Surveys:
-This is the key research method to obtain information from large samples.
-Takes everyone's opinions, beliefs and attitudes.
-There are varioud methods to complete surveys, interviews, telephones, face to face or online.
-This is the key research method to obtain information from large samples.
-Takes everyone's opinions, beliefs and attitudes.
-There are varioud methods to complete surveys, interviews, telephones, face to face or online.
b.
Explain
the advantages & disadvantages (3 points each)
Advantages:
-You can gain lots of information from all kinds of people.
-You'll know what needs to be changed or unchanged after the survey.
-One of the very easy ways to gain information that you're asking and looking for.
Disadvantages:
-Some information that you gained might be false or unreliable.
-Not all kinds of people are take these surveys seriously and answer truthfully.
-May not gain some private information from others that you might want.
Part B
Advantages:
-You can gain lots of information from all kinds of people.
-You'll know what needs to be changed or unchanged after the survey.
-One of the very easy ways to gain information that you're asking and looking for.
Disadvantages:
-Some information that you gained might be false or unreliable.
-Not all kinds of people are take these surveys seriously and answer truthfully.
-May not gain some private information from others that you might want.
Part B
1.
What
is a micro-environment and list 5 elements
Micro-environment refers to environment closely linked to the main organization, it comprises all the individuals who directly affect activities of a company. The people in the environment that affect the firm's capability to operate effectively in the chosen market.
5 elements: -Customers
-Employees
-Suppliers
-Competitors
-Local community
2.
List
and describe the four categories of competitor environment.
Direct competitors-Firms that produce a similar product which is a direct rival. E.X: 7up is direct competitor of Sprite.
Close competitors-Firms producing similar products. E.X: Taylormade is a close competitor of Callaway.
Substitutes-Products that are different but might be bought instead. E.X: A bag of chips instead of a bag of skittles.
Indirect competition-All other firms are indirect competitors in that they compete for consumer's money.
3.
Define
and provide an example from YOUR
experiences
a.
Perfect
competition
Many firms selling homogeneous goods to customers who buy on price alone.
e.x: My parents would see the gas price at a gas station first and then decide whether to buy or look for another gas station for cheaper prices.
b.
Monopolistic
competition
Many companies each selling a different good over which they have a monopoly.
e.x: McDonalds, KFC, Wendy's all selling their fast foods at the same time while wanting to beat others in customers amount.
c.
Oligopoly
Competition between a small number of companies.
e.x: Many famous car companies like Lambos, Chevys, Rolls Royce having a competition wanting to have more cars sold than others.
d.
Monopoly
A single supplier.
e.x: Playland would be a monopoly or a single supplier because the food, toys and others are all part of playland and you can only buy those products in playland.
4.
List
and describe Porter’s five forces.
1.The intensity of the existing competition.
2.Entry level of new competitors, how easy it is for newcomers to enter the market.
3.The threat of substituted products.
4.The bargaining power of customers, dominant customers will drive down the price.
5.The bargaining power of suppliers, dominant suppliers will force up prices.
Profitability and achievement of objectives will be changed by these 5 forces.
2.Entry level of new competitors, how easy it is for newcomers to enter the market.
3.The threat of substituted products.
4.The bargaining power of customers, dominant customers will drive down the price.
5.The bargaining power of suppliers, dominant suppliers will force up prices.
Profitability and achievement of objectives will be changed by these 5 forces.
5.
List
the 5 main market environment types.
1.Consumer markets
2.Business markets
3.Export markets
4.Government makrets
5.Re-seller markets
2.Business markets
3.Export markets
4.Government makrets
5.Re-seller markets
6.
What
is a macro-environment and list 5 elements
Macro-environment is:
-Comprises general forced and trends rather than specific organizations.
-Refers to the general environment factors that influence the organization.
-The factors outside the area of marketing can't be influenced by the marketing effort.
5 Elements:
-Macro-economic environment
-Political environment
-Social and cultural environment
-Demographic environment
-Technical environment
Macro-environment is:
-Comprises general forced and trends rather than specific organizations.
-Refers to the general environment factors that influence the organization.
-The factors outside the area of marketing can't be influenced by the marketing effort.
5 Elements:
-Macro-economic environment
-Political environment
-Social and cultural environment
-Demographic environment
-Technical environment
