1.1 + 1.2 + 1.3

Question 1

Why is market research necessary? (2)

Answer 1

• Covers information needed for market orientation
• Helps make informed decisions with a greater probability of success

Question 2

Market research transforms data into….

Answer 2

Information that helps make decisions

Question 3

Marketing research is a function that links 3 groups through information, which 3 groups?

Answer 3

consumers, customers, the public

Question 4

What is market information used for? (4)

Answer 4

→ Identify and define marketing opportunities and problems
→ Generate, refine and evaluate marketing actions.
→ Monitor Marketing Performance
→ Improve understanding of marketing as a process

Question 5

What does marketing research do? (5)

Answer 5

→ Specify the information required to address these issues
→ Design the method for collecting information
→ Manage and implements the data collection process
→ Analyse the results,
→ Communicate the findings and their implications.

Question 6

What are 5 different types of information analyses a company can perform?

Answer 6

• Demand analysis
• Market analysis
• Product analysis
• Competition analysis
• Internal analysis

Question 7

What are the characteristics of the information gathered in market research? (6)

Answer 7

• Useful
• Adapted
• Systematic
• Reliable
• Global
• Efficient

Question 8

Decision-making reduces the risk of..

Answer 8

..uncertainty

Question 9

What are the 4 fields of actions for market research?

Answer 9

• Market (consumer, habits, attitudes, potential demands)
• Competition (who, size, strategies)
• Results (market share, margins, profitability)
• Environment (regulations, technology, trends)

Question 10

What are the 4ps?

Answer 10

Product
Price
Promotion
Place

Question 11

What does product research contribute to?

Answer 11

The development of product attributes that add value to conusmers

Question 12

What do you do during product research (2)

Answer 12

• Evaluate and develop new products
• Evaluate packaging tests

Question 13

What do you analyze and study in price research?

Answer 13

The way in which consumers determine the perceived value

Question 14

What type of questions does price research answer? (3)

Answer 14

• How do consumers respond to price reductions?
• How many people are willing to pay for some special attribute of the product
• How do consumers perceive quantity discounts

Question 15

What does Promotion Research help to do

Answer 15

Helps companies design communication strategies (media selection, advertising, public relations, etc.)

Question 16

What three things can you measure when looking at advertising effectiveness?

Answer 16

• How are ads perceived
• Are they remembered
• How do they affect buying behavior

Question 17

What does place research look into? (3)

Answer 17

• Measure how the actions of one member of the DC can affect the performance of the others
• Know the reactions of retailers and wholesalers before changes in a manufacturer’s marketing policies
• Evaluate the efficiency of marketing channels.

Question 18

What are market researcher skills? (5)

Answer 18

1. Ability to collect and analyze information
2. Ability to communicate and interpret results in a way that helps others use it
3. Ability to identify the root of the problem, centralize, define and focus the problem
4. Ability to balance research design, and collect data in a sensitive, valid and reliable way. But in the least costly way in terms of time and resources
5. Be personally detached and free from prejudices

Question 19

TRUE or FALSE

Research is not done to support preconceptions, but to test them

Answer 19

TRUE

Question 20

Who collects the data in primary research?

Answer 20

You do it yourself?

Question 21

Who collects the data in secondary research

Answer 21

Others do (you use already existing data)