Marketing

Question 1

Explain the product oriented business

Answer 1

They produce the product first and then find a market for it

Question 2

Explain market oriented business

Answer 2

It will conduct market research to see what consumers want and then produce goods and services to satisfy them

Question 3

Explain market reasons

Answer 3

It is the process of collecting,analysing and interpreting information about a product

Question 4

List the type of market research

Answer 4

(i)primary
(ii)secondary

Question 5

Explain primary market research

Answer 5

The collection of original data

Question 6

List the methods of primary market research

Answer 6

(i)Questionnaire
(ii)Online surveys

Question 7

Explain the advantage of the primary market research

Answer 7

(i)Detailed information can be collected
(ii)Customer’s opinions about the product can be obtained
(iii)Online surveys will be cheaper, easier to collate and analyse

Question 8

Explain the disadvantages of primary market research

Answer 8

(i)if questions are not clear or are misleading then unreliable answer will be given
(ii)Time consuming,expensive to carry out the research,collate and analyse them

Question 9

Explain secondary market research

Answer 9

The collection of information that has already been made available by others.

Question 10

List the internal source of information

Answer 10

(i)sales department and customer records,pricing data
(ii)Opinion of distributors and public relations officer
(iii)Financial department

Question 11

List the external source of information

Answer 11

(i)Government statistics
(ii)Newspapers
(iii)Trade association