Unit 1 - Marketing

Question 0

What is market research

Answer 0

Market research is the process of gathering and analysing and processing data relevant to marketing division

Question 1

What are the reasons for conducting market research?

Answer 1

Market opportunities
Market size
Market share

Question 2

What are the two different ways of gathering market data

Answer 2

Primary market research involves gathering information for the first time

Second name Mary market research involves using data that already exist

Question 3

What are examples of primary market research

Answer 3

Questionnaires to conduct a survey for protectant sure customers

Question 4

How effective is market researching ?

Answer 4

Market research is very effective because intrapreneurs can get a better insight on their customer and rival therefore their marketing activities are much more effective and should prevent wasting money

Question 5

What are the advantages of secondary market research? (2)

Answer 5

They can be gathered quickly and cheaply and sometimes may be available for free

It can provide information on a large section of the population

Question 6

What are the disadvantages of secondary market research?

Answer 6

The existing data may not be exactly what the start-up business 14 example you may want information on the population of one area of Oxford but can only find data on the whole of the city

The existing data may be out of date

Question 7

how can primary data be gathered ?

Answer 7

Observing for example footfall

Experimenting rainout new forms of advertising and measuring the response

Survey you for example interviewing people who might bioproduct to understand the motives

Question 8

What are the disadvantages and advantages of door to door survey?

Answer 8

Adv: can see how people react and people May be more likely to tell the truth

Dis: can be very time-consuming

Question 9

What are the disadvantages and advantages of Internet research?

Answer 9

Adv: it’s quick she also sometimes free

Dis: May not find the views of your target customers or your Specific needs

Question 10

What is the advantages and disadvantages of having a focus group?

Answer 10

Advantages are they can get in-depth responses because they give their views on a particular business issues such as the brand name or brand image

The disadvantages are that some more focus group may not reflect all your targets customers

Question 11

What are forms of primary research ?

Answer 11

Questionnaires
Telephone survey
Customers and suppliers feedback
Internet research

Question 12

What are the difficulties and problems of start-up research?

Answer 12

when entrepreneurs are setting up a business they are often quite short of money and any funds tend to be spent on getting the business up and running they are sometimes reluctant to money into market research and especially when they think they know what the customers want already

Question 13

What is marketing mix?

Answer 13

Refers to all activities influencing whether or not a customers buys a product. The elements of the mix can be analysed using the four Ps 
Price 
Place 
Promotion 
Product

Question 14

What is the importance of product in the marketing mix ?

Answer 14

The product reefers to all factors relating to the design. The specification and the features of the product
All aspects of the product help them sell
A business may alter it’s produce to increase their appeal for different customers but must make sure the money they will earn will cover the cost of doing this

Question 15

Why is promotion important in the marketing mix ?

Answer 15

Promoting a product means communicate something about it you might be letting people know your business exist and telling them about a new product or a special for or highlighting the difference between what you offer and what else is on the market

Question 16

How would a business most likely promote a product?

Answer 16

Advertising in a local newspaper
Advertising
Sponsoring a sports event
or using posters around town

Question 17

Why is the right form of promotion important for a business ?

Answer 17

Because four example a cafe my advertising in a local newspaper - local customers whereas our car manufacturer might advertise on TV- broader and overall customer

Question 18

Why is it important a start-up business chooses the right form of promotion?

Answer 18

This is because they are likely to have limits in options for example a a small start-up business will not be on national advertising because it is likely to be expensive and go for postcards in shops and in their own shop window encouraging customers to tell other people (word of of mouth recommendation)

Question 19

What is a cheaper way of promoting a small business?

Answer 19

Local advertising and developing your own websites

Question 20

Why is price important in the marketing mix?

Answer 20

There are many different aspects to pricing businesses must also consider what amount the customer will be asked to pay for the product

Question 21

How a business think about setting a price?

Answer 21

In business will have to think about its course and whether it will want to cover its cost to make a profit however it must also think about the effect that the price will have on demand generally increasing the price will lead to fewer product being sold you may make more profit on each one but if cells fall a lot you can be worse off

Question 22

How could a small business increase the price of a product gradually?

Answer 22

A small business must be careful they don’t charge too much they are unlikely to have a well established brand name or proven track record so they need to make sure their prices seen as reasonable and affordable once they are more established and powerful they may be able to increase the price because of brand loyalty

Question 23

Why is places included in marketing mix?

Answer 23

The place is referred to the way in which the products are distributed for example apple has some elegant stores where is latest products are displayed however Audi is a more basic stall selling cheap good value food

Question 24

What factors influence whether a customer thinks a product represents good value for money

Answer 24

If the customer has to pay the full amount now or can pay instalments

Can they pay with credit card or do they have to pay by cash

Can I get a discount if they buy large quantities

And how does the price compare with other competitors

Question 25

What are the choices of market

List three factors min :

Answer 25

The product- is the product instinctive?or is it a unique design ? Is it something unique and long lasting which might justify a higher price

Competitiors product - what do they offer and how does it compare with what other competitors have

Target customers

Businesses approach four example are you trying to match what your customers has all you might try to develop a A similar but cheaper product

Question 26

How is ICT help small businesses?

Answer 26

As small businesses are limited on Market - ICT can now reach worldwide markets which is relatively cheap

Question 27

What is the law of demand?

Answer 27

As the price increases the quality demanded will fall

A Decrease in price increases demand

Question 28

What is the law of supply?

Answer 28

As the price increases the quantity supplied increases

At a low price a load quantity is supplied

Question 29

Why are market Maps useful?

Answer 29

• Helps a business understand the location within the market
• its spots a gap in the marking
• it shows how many customers are in the market and how much they are willing to spend
• it shows competitors selling similar products and where they seldom

Question 30

What is a gap in the market

Answer 30

A gap in the market usually provide opportunities for other firms , dear products or services must be unique and different before in another business seized opportunity

Question 31

Why is a market research useful?

Answer 31

Because it helps businesses understand what customers want

Question 32

What is market research used to find out?

Answer 32

Is used to find out what product the consumer wants
Competitions
and the price the customer is willing to spend

Question 33

Why does mobile phones bang be easier to Oldford products then larger firms

Answer 33

This is because more than welcome small scales on their brother so there’s less of equipment and less staff therfore for altering the products is less distributive and cost less money so easy to make alterations to the product

Question 34

How can a small business promote their products?

Answer 34

Local radio
Local newspaper
Posters and leaflets

Question 35

What three things can influence where firms can advertise

Answer 35

Target audience
Size and location of the market
The size of their budget