Business Studies-Marketing

Question 1

Explain the term marketing

Answer 1

Marketing is the management process responsible for identifying,anticipating and satisfying customer requirements profitably.

Question 2

Give three reasons why businesses carry out market research

Answer 2

1. The information ensures that they are providing the products which consumers are most likely to buy
2. Enables the business to price products at an acceptable level for consumers in the area.
3. Shows the area in which ales are likely to be more successful

Question 3

Give the two main methods of research

Answer 3

Primary (field) research and secondary (desk research)

Question 4

What is primary research?

Answer 4

The collection of original information. It is carried out making direct contact with consumers and potential consumers

Question 5

Give three examples of primary research

Answer 5

1. Questionnaires
2. Interviews
3. Observation

Question 6

Give three advantages if primary research

Answer 6

1. Can obtain information thy want as it is taking directly from customers and potential customers-specific to product
2. Information is up to date
3. Competitive edge is obtained as competitors will not have the information you found.

Question 7

Give three disadvantages of primary research

Answer 7

1. It is expensive
2. It can be time consuming
3. It is difficult to obtain