marketing and market research

Question 1

what is marketing

Answer 1

is the process of determining what customers want then developing a strategy to sell it to them.it involves all activity from development till its sold.

Question 2

what is market research

Answer 2

is the collection of information from consumers to find out what they like or will they buy the product it involves gathering and analysing data

Question 3

what is market sampling

Answer 3

is the process of selecting a repersentitive group from a large population methods includes quota and random sampling

Question 4

random sampling

Answer 4

a sample at random so everyone has a chance to be chosen for their opinion of goods/services. random is a part of primary research eg every 10th person.

it is cheap, easy to use, and gives first hand information of their opinion but is inaccurate so not suitable at times

Question 5

quota sampling

Answer 5

is when researchers select a sample of target market according to % breakdown of that market eg females 10-12.it select those from a predetermined category

quota is accurate and chance to be picked choses appropriate people but is biased.

Question 6

market segmentations

Answer 6

is dividing the total market for a product/service into different groups that have similar characteristics wants and desires
eg age gender region and socio-economic class

Question 7

qualitative

Answer 7

type of data which is non numerical and aims to provide explanations to changing trends taste in market based on opinions, beliefs intentions and attitudes its carried out by interviews and focus groups finding out what the customer wants why they would buy products etc

Question 8

quantitive

Answer 8

is numerical data and measures changes in topics of interest to the market it asks questions such as “how often?how many?who?” it is based on larger samples with results in numerical form done by surveys in person online or over the phone.

Question 9

purpose of market research (8)

Answer 9

-provides products to customers they need
-set a selling price customers are willing to pay
-ensure product packaging is attractive
-identify target market
-allow businesses to develop a successful marketing strategy
-prevent businesses making expensive mistake costing money
-increase awareness of changing consumer tastes
-provides information about their competitors locally and globally

Question 10

primary research

Answer 10

also known as field research is the collection and analysis of first hand original data and information related directly to businesses conducted by questionnaires surveys interviews etc

Question 11

advantages and dis of primary research

Answer 11

advantage;
-up to date
-identify customer wants
-set price
-competition
dis;
-slow
-inaccurate
-costly

Question 12

secondary research

Answer 12

also known as desk research is the collection and analysis of information that was previously collected for other purposes done by internet newspapers and articles

Question 13

advantages and dis of secondary research

Answer 13

advantages;
-cheap
-quick
-makes decisions quickly
disandvantages;
-out of date
-inaccurate
-available to competitors