marketing

Question 1

what is the difference between marketing and markets

Answer 1

A market is any space within which trade takes place between buyers and sellers for a well defined product while Marketing is all those activities that facilitate trade.

Question 2

Marketing Activities

Answer 2

• Market research – the process of gathering information about potential customers.
• Packaging – creating a suitable package for product usage and for advertising
• Branding - differentiating the product of a company from other brands and establishing loyal customers.
• Pricing - identifying the right price that will encourage sales
• Advertising – methods used such as the media to inform and encourage the purchase of goods and services
• Sales promotion – short-term methods used to encourage consumers to buy during a specified period
• Distribution - methods used to make the product available to consumers. For example wholesale, retail or internet.

Question 3

what is market research

Answer 3

Market research is the gathering, recording and analysing of data to address the marketing problems of a business.

Question 4

types of market research

Answer 4

1. Consumer Research – garners information on consumers’ feelings, thoughts and reactions towards a company’s good or service.
2. Product Research – determines customer acceptance of the product.
3. Distribution Research – used to identify the most suitable channel of distribution for particular products.
4. Advertising Research - identifies the most suitable media to present the advertising message.

Question 5

the market research process

Answer 5

This consists of five steps:
1. Identifying or defining the problem.

2. Developing information sources.
3. Collecting the information.
4. Analysing the data by using charts and graphs
5. Presenting the findings.

Question 6

what is the reasons for conducting Market Research

Answer 6

Market research provides managers with current, relevant, accurate and reliable information concerning competitors, advertising, distribution and potential and loyal customers.

        This information assists managers in making decisions about packaging, product design, pricing, distribution and advertising.