Market Research and Buying Behaviours

Question 1

When is market research relevant in product development?

Answer 1

Continuous

Question 2

What are the 5 process steps for gathering and presenting market research?

Answer 2

1. Problem definition and objectives
2. Research plan
3. Collect information
4. Analysis
5. Present

Question 3

What 4 aspects determine consumer buying behaviour?

Answer 3

• Cultural
• Social
• Personal
• Psychological

Question 4

What are the 4 types of purchasers?

Answer 4

• Influencers
• Initiators
• Deciders
• Users

Question 5

What 4 aspects determine business buying behaviour?

Answer 5

• Environment
• Organisational Factors
• Interpersonal/Social
• Individual
• Cost trade off (order, storage, downtime)

Question 6

What is the 4 P’s marketing strategy?

Answer 6

Product
Place
Promotion
Price

Question 7

What is the SAVE marketing strategy?

Answer 7

Solution – to a consumer problem

Access – consumers to information and location of the product

Value – benefits vs costs

Education – people research, use recipe suggestions + supply chains

Question 8

Market research is classified by 3 things:

Answer 8

Objective

Source of Information

Method

Question 9

Define exploratory, descriptive, and casual market research.

Answer 9

Exploratory - Preliminary data needed to develop an idea further

Descriptive - Describe an element of an idea precisely

Casual - Test a cause and effect relationship

Question 10

Describe secondary and primary market research.

Answer 10

Primary - Research conducted by you (or for you) specific to the problem you are researching. Relevant, but expensive.

Secondary - Collected from external sources, cheap form of research but may not be that relevant

Question 11

In what order do consumers accept a product into a market? (Innovators to laggards)

Answer 11

1. Innovators
2. Early Adopters
   The chasm - where it can go either way
3. Early majority
4. Late majority
5. Laggards

Question 12

The six stages of product life cycle are:

Answer 12

1. Development
2. Introduction
3. Growth
4. Maturartion

Question 13

The six stages of product life cycle are:

Answer 13

1. Development
2. Introduction
3. Growth
4. Maturation
5. Saturation
6. Decline

Question 14

Describe the ways to extend a products life.

Answer 14

Style changes
New market
Develop product range
Price reduction
Supply chain changes
Promotion