Chapter 11 - Maria Andrea Alvear

Question 1

What is meant by market research?

Answer 1

Market research is the process of gathering analysis and interpreting information about a market

Question 2

To what extend is market research useful?

Answer 2

Market research is useful to find whether customers will buy the product, to know the price they will be willing to pay, the place where they will most buy it, and other customers needs which will help with competence

Question 3

Define marketing budget

Answer 3

a financial plan for the marketing of a product or product range for some specified period of time

Question 4

Outline the difference between a market-oriented business and a product-oriented business

Answer 4

A product-oriented business is one whose main focus of activity is on the product itself

A market-oriented business is one that carries out market research to find out customer wants before a product is developed and produced

Question 5

State methods of market research

Answer 5

Questionnaires, online surveys, interviews, and focus groups

Question 6

Define sample

Answer 6

The group of people who are selected to respond to a market research exercise such as questionnaires

Question 7

Analyze the pros and cons of online surveys

Answer 7

Online surveys are fast and cheap, however, they cannot be accessible to everyone

Question 8

Describe what is meant by secondary research

Answer 8

Secondary research uses information that has already been collected and is available for use by other

Question 9

Outline the advantages and disadvantages of secondary research

Answer 9

Secondary research is a cheaper and faster way to get information and it is used to find out the total size of the market. however, the data may be out of date, irrelevant and it may be available to all businesses

Question 10

Define primary research

Answer 10

Primary research is the collection of original data via direct contact with potential or existing costumers