marketing

Question 1

Describe the term field research definition

Answer 1

This involves finding out information first hand (primary information) directly from the public/consumer.

Question 2

Outline 2 advantages of field research

Answer 2

Information is gathered specific to your purpose.
Information is up-to-date.

Question 3

Outline 3 disadvantages of field research

Answer 3

It is more expensive to gather compared to desk research.
It is more time consuming to gather compared to desk research.
People may not always give truthful answers in response to questions.

Question 4

Identify 3 field research methods

Answer 4

Questionnaire/Survey
Consumer Panel or Focus Group
Test Marketing

Question 5

Describe the term desk research

Answer 5

This uses secondary data, which is information which is already available, either from inside the business or from outside the business.

Question 6

Outline 2 advantages of desk research

Answer 6

It is cheaper to access existing information rather than having to collect information from scratch.
It is less time consuming to gather compared to field research.

Question 7

Outline 2 disadvantages of desk research

Answer 7

The Information may be out of date.
The Information is available to our competitors.

Question 8

Identify product life cycle 4 main stages

Answer 8

Introduction, growth, maturity, decline

Question 9

Define introduction stage

Answer 9

The product is launched on to the market. It is heavily advertised and promoted at this stage in order to make customers aware of the product. The product is making a loss for the firm.

Question 10

Define growth stage

Answer 10

Sales are starting to increase and The product is becoming known. Advertising is continuing, although at a lower level than the initial launch. The product is beginning to make a profit for the firm.

Question 11

Define maturity stage

Answer 11

Sales reach their peak and profit levels are at their highest. Advertising is used as a reminder to consumers. Competitors are introducing products to compete with ours.
Firms will try to stay at this point for as long as possible due to the high profits being made. Firms will try to introduce new models or variations of the product.

Question 12

Define decline stage

Answer 12

Sales and profits are falling and The product becomes out-of-date. There are more rival products on the market.

Question 13

Describe the term ‘brand’

Answer 13

A brand is a company or a product with a name which makes it instantly recognisable.

Question 14

Outline 3 features of brand

Answer 14

Brands have unique logos and packaging.
Branded products are seen to be of high quality.
Branded products are easily recognisable.

Question 15

Outline 3 benefits of branding

Answer 15

Brands generate “brand loyalty” and mean greater sales.
Brands are perceived to be of a higher quality.
Brands reduce the need for advertising.

Question 16

Describe the term ‘own brand’

Answer 16

Products which are sold under the name of a supermarket or other retailer, rather than under the name of the manufacturing firm.

Question 17

Outline 3 features of own brands

Answer 17

Own brands are usually cheaper than branded products
Own brands are usually seen as being of inferior quality
Own brands appeal to the sector of the market to whom price is important

Question 18

Describe the term ‘market segment’

Answer 18

A market segment is part of a market which contains a group of buyers with similar characteristics.

Question 19

Identify 3 market segments

Answer 19

Age
Geographic Location
Family Size