1. Introduction to MR Flashcards
1
Q
What does MR examine?
A
Buyer behaviour
2
Q
What can economic study be useful for MR?
A
- Explore data on a specific economy
- Business/ industry trends
- Business/industry structure
3
Q
Why are statistics useful for MR?
A
- Sampling theory & methodology
- Hypothesis testing & experimentation (e.g. test marketing)
- mathematically modelling, Compare your data to previous data other businesses. can tell you if you need to cut costs/ increase sales Eos etc.
4
Q
Why can Sociology be useful for MR?
A
- Social Class distribution
- theories of social mobility e.g. social strata (more children or adults in an area)
- lifestyle/ life cycle
- opinion leadership
- diffusion of innovations
5
Q
Why can Psychology be useful for MR?
A
- Perception & Learning theories
- Qualitative influence on e.g. buying group influence
- reference group theory (comparing one group to another what differences are there how can we make things appeal to them)
6
Q
What can we learn from cultural anthropology and how it may be used for MR? + What is it?
A
The influences of the cultural environment on consumer behaviour.
- Cultural norms/ values (You cant sell certain types of foods to certain religions)
- Subcultural factors (finding a niche)
- Diffusion of product & services. (Where should we invest our time & effort to sell?)
7
Q
What are the 5 major areas of the MRing scope?
A
- products and services
- customers
- pricing
- sales and distribution
- promotion
8
Q
Issues covered when researching product/service?
A
- existing products/ services
- new product opportunity
- competitive products
- augmented product opportunities (upgrade/ product extension)
9
Q
Key concepts of product/service research?
A
- Products that do not meet customers needs/ expectations will likely fail.
- Products that are indistinguishable from competitors products ultimately become commodities & are sold the majority of the time on price.
- Products should provide customers with a bundle of satisfaction
10
Q
Issues covered by Customer Research include?
A
- identification of market segments; so certain products should have certain characteristics for certain p/s which appeal to those different segments.
- evaluating customer preferences like which specific brands they like
- Study the degree of brand/ store loyalty for certain p/s
- evaluation of environmental/ social influences on consumer preferences.
11
Q
Key concepts of Customer Research include?
A
- buying habits/ preferences can vary on factors including - economic, social, cultural & psychological.
- reasons behind buying are complex ( it may be hard to get the real truth from the consumer’s decision to buy as they may be concerned of how others perceive them and make excuses & hide the truth.) (rationalisation is the concept here)
- Customer loyalty should never be taken for granted.
12
Q
Issues covered by pricing research
A
- You can identify how price sensitive certain some specific p/s are.
- You can estimate an effective price for your marketing mix
- Identify price range of competition in specific market
- evaluation of trade discount or other trade incentives which grant entry to the market and expansion.
13
Q
Key concepts of pricing research
A
- price is perceived as an indication of quality
- product variations allow for price differentials
- too high a price may encourage product substitution
- costs form the basis on which price is built
- effective pricing decisions are enhanced by up-to-date knowledge of the market.
14
Q
Issues covered by sales & distribution research
A
- existing sales and distribution arrangements
- evaluation of compared performance in specific market sectors (how big are the sale; Are they growing or shrinking?)
- You can organise your sales force in relation to where there’s an opportunity in the market.
- Evaluate the alternative methods that there are to distribution
15
Q
Key concepts of sales & distribution research
A
- There is intense buying power present in several sectors of UK retailing e.g. Grocery, D.I.Y.
- Shopping centers + hypermarkets are widespread in developed economies
- Shopping is regarded as leisure as well as an economic activity in some socio-economic classes.
