Marketing Information

Question 1

What does the collection of analysis involve and why is it important?

Answer 1

• it involves gathering market data and information in order to understand why people, products, and organizations perform the way they do.
• should provide as complete a picture as possible about the organizations current and future situation with respect to the internal, customer and external environment. (Situational analysis)
• both internal and externas sources of information

Question 2

What does the data collection involve data on?

Answer 2

Internal:

• sales data
• accounting and financial data
• internal reports from different departments
• panel data

External:

• business or trade publications
• mystery shoppers
• social networks
• surveys

Question 3

What information is needed?

Answer 3

Information on:

• production capacity
• sales location
• when, how and what consumers are purchasing
• consumers opinions on products
• competitors sales techniques of products
• emerging rules and regulations affecting market

Question 4

What does a customer environment analysis entail and what questions are to be answered (6W model)?

Answer 4

It examines the firms current customers in its target markets, as well as potential customers that currently do not purchase the firms product offering.

The 6W model:

• who are our current and potential customers?
• what do customers do with out products?
• where do customers purchase our products?
• when do customers purchase our products?
• why and how do customers select our products?
• why do potential customers not purchase our products?

Question 5

What does an internal environment analysis involve?

Answer 5

• evaluates current goals, strategy and implementation of strategy. (Critical and unbiased outlook)
• review of current and anticipated levels of organizational resources
• review of current and anticipated cultural and structural issues that could affect marketing activities

Question 6

What does and external environmental analysis involve and what is its goals?

Answer 6

• involves a PESTLE analysis
• porters five forces
  Goals:
  1. Describe and examines competition(brand competitors, product competitors, generic competitors, total budget competitors)
  2. Measure economic growth and stability
  3. Evaluate political/legal and regulatory issues
  4. Understand sociocultural trends

Question 7

What does the collection of marketing data and information involve and what issues are to be taken into account?

Answer 7

Involves collection of both primary (direct observation focus groups, surveys- likely scales and experiments) and secondary research (government, periodical, book and commercial resources) for planning purposes.
Eg: how the brand is positioned (perceivable)

Issues to be taken into account:

1. Specify research objectives
2. Identify consumer population of interest
3. Put the problem in context

Question 8

What problems can occur during data collection?

Answer 8

1. Incomplete or inaccurate definition of the problem
2. Ambiguity about relevance or usefulness of the data collected
3. Information overload
4. The expense and time associated with data collection
5. Ways to organize vast data

Question 9

What are the three major environments in a situational analysis?

Answer 9

• external
• internal
• customer