3.3

Question 1

Give 3 examples of marketing objectives

Answer 1

• increase sales
• improve customer relations
• enter new markets

Question 2

Market share formulae?

Answer 2

your sales / total sales of all firms

Question 3

Benefits of high market share

Answer 3

• stay ahead of competition
• enter new markets
• become market leaders which could lead to customer loyalty

Question 4

Primary data?

Answer 4

data which has not yet been discovered e.g surveys, interviews - (data collected by the investigator conducting the research)

Question 5

Secondary data

Answer 5

Data that has already been found and available to use

Question 6

quantitive and qualitative data

Answer 6

quantitative data - data to do with statistics - usually of larger samples

qualitative - qualitative research is based on opinions, attitudes, beliefs and intentions.

Question 7

3 types of sampling?

Answer 7

Random sample
Quota sample
Stratified sample

Question 8

randome sample?

Answer 8

gives each member of a population and equal chance to be chosen

Question 9

Quota sample

Answer 9

involves population being broke up into groups that share specific characteristics

Question 10

Stratified samples

Answer 10

used when the research want to provide insights into specific market segments or customer groups

Question 11

What is correlation

Answer 11

correlation looks at the strength of a relationship between two variables

Question 12

Positive correlation

Answer 12

independent and dependent variable increase in value

Question 13

Negative correlation

Answer 13

independent and dependent variable both fall in value

Question 14

Sales forecasting?

Answer 14

involves a business trying to predict what levels of sales they will experience in the future

Question 15

Delphi method?

Answer 15

getting a group of market experts to provide an opinion

Question 16

3 ways of doing quantitative sales forecasting?

Answer 16

• correlation
• time series analysis
• extrapolation

Question 17

What are confidence intervals

Answer 17

helps a business evaluate the reliability of their estimate - they are used to manage risk e.g if a company are 95% sure that sales will be between 5m and 6m then theres till a 5 % chance they will eb above or below that number