Market research

Question 1

what is a product life cycle

Answer 1

it is the succession of strategies by business management as a product goes through its life cycle
Maturity , saturation and decline

Question 2

What is market research

Answer 2

The process of gathering primary and secondary data on the attitudes of actual and potential customers

Question 3

Name some of the benefits of market research

Answer 3

• identify opportunities e,g changes
• can be used to monitor sales after a promotion campaign
• help find alternative routes to overcome a problem
  -identify target market
  -reduce risk of failure

Question 4

What are some of the disadvantages of market research

Answer 4

• research does not guarantee success
• costly in time
  -often all that is needed is good intuition or a hunch
• costs money
  -research can be unreliable

Question 5

What is the objective of market research

Answer 5

to identify and understand the needs of customers relating to price, quality, choice and convenience

Question 6

the understating of the marketplace

Answer 6

Meet customers needs through their products and marketing campaigns

Question 7

Why carry out extensive market research

Answer 7

REASONS FOR:
-aid decision making
-find customer wants and needs
- gain competitive advantage
-predictive reasons-likely to happen in the -future
-exploratory reasons- investigating new possibilities
-descriptive reasons- what is happening in the market
-explanatory reasons
-reduce risks

REASONS AGAINST
-wont always succeed
data can be based on unrepresentative sample
data not always meet specific needs
can be expensive
can be outdated
time consuming to gather

Question 8

What is a stakeholder

Answer 8

an individual or group of individuals with an interest, often financial in the success of a business