Chapter 8

Question 1

Step One of Marketing Research

Answer 1

Define the purpose or objectives.

Make a list of the information that will be needed to prepare the marketing plan.

Question 2

Step Two of Marketing Research

Answer 2

Gathering Data from Secondary Sources.

Secondary sources can include trade magazines, newspaper articles, libraries, government agencies, the Internet, and commercial data.

Question 3

Step Three of Marketing Research

Answer 3

Gathering Information from Primary Sources.

Data collection procedures - Observation, networking, interviewing, focus groups, and experimentation.

Data collection instrument - Questionnaire.

Question 4

Step Four of Marketing Research

Answer 4

Research for the New Venture.
Analyzing and Interpreting the Results

Evaluated and interpreted should be based on research objectives.

Question 5

Pros of Secondary Sources

Answer 5

Generally inexpensive and easy to get too

Question 6

Cons of Secondary Sources

Answer 6

May not directly apply to your situation

Question 7

Pros of Primary Sources

Answer 7

Direct data of your topic

Question 8

Cons of Primary Sources

Answer 8

Generally expensive and time consuming

Question 9

Marketing plan

Answer 9

A written statement of marketing objectives, strategies, and activities to be followed in business plan.

Question 10

Three questions that a Marketing Plan should answer

Answer 10

Where have we been?
Where do we want to go (in the short term)?
How do we get there?

Question 11

The Marketing Mix

Answer 11

Product, Price, Place, Promotion