Introduction

Question 1

Ansoff and Market Research

Answer 1

New Products/Existing Markets - Market research can show the likelihood of adoption of new products

New Products/New Markets - Market research can show unmet needs and provide an understanding of unfamiliar markets

Existing Products/Existing Markets - Market research can measure customer satisfaction to find out how to maintain a competitive edge

Existing Products/New Markets - Market research can find new territories for products or services

Question 2

Market research in the product/service life cycle

Answer 2

Youth - Market research explores the unmet needs for the new product and helps estimate the likely demand. It could be used to set prices and shape the specification of the product

Maturity - Market research shows how to build
a brand and a competitive edge. Customer satisfaction studies point to strengths that can be built upon and weaknesses that can be rectified

Old Age - Market research
shows ways of rejuvenating the product, perhaps by incorporating new features or finding new markets

Question 3

Market research in the four Ps

Answer 3

Product - Market research can test attitudes to products by describing them or showing them in focus groups and hall tests, or placing them in the home and workplace

Price - Market research can show how much people value products and indicate an optimum price

Place - This is the distribution part of the marketing equation, and market research can help plan the most effective route to market

Promotion - Market research can help in all aspects of promotion from developing ideas for the adverts through to testing which advert is most effective

Question 4

FMCGs

Answer 4

Fast moving consumer goods - food and similar frequent purchases

Question 5

DMU

Answer 5

Decision making unit - complex groups influencing the buying decisions within a B2B context

Question 6

Information obtained through market research (p. 9)

Answer 6

Market size and structure

Use of and attitude to products

Customer satisfaction and loyalty

Promotion effectiveness

Brand impact

Pricing effectiveness

Product tests/concepts

Segmentation

Question 7

The market research process

Answer 7

1. Brief
2. Proposal
3. Commission
4. Desk Research
5. Qualitative research
6. Quantitative research
7. Analysis
8. Reporting