Unit 2: AIM B: Developing A Marketing Campaign

Question 1

What is Market Intelligence?

Answer 1

Gathering Data from Different sources which is analysed and evaluated to find out things

Question 2

Which way can you gather market intelligence?

Answer 2

This is through market research which informs a business decisions by helping it to understand the changing dynamics of it market.

Question 3

What are the three ways to identify the needs and wants of customers?

Answer 3

1. Identify target Market
2. To Identify Size, Structure and trends in the market
3. To Identify competition

Question 4

What is identify target Market?

Answer 4

A target market is the group of people who are most likely to buy a product or service.

Example: Jamie Oliver started a campaign in 2002 to help kids eat healthier. He targeted primary school kids as his main audience. Later, he expanded to include schools and communities in general.

Question 5

Why is target Market important?

Answer 5

Businesses need to know who their audience is so they can make sure they’re marketing to the right people.

If a business targets the wrong group, they could waste money, time, and damage their reputation.

Question 6

How do you identify a target market?

Answer 6

Age (e.g., kids, adults, elderly)
Gender (e.g., male, female, everyone)
Income (e.g., high income, middle, or low income)
Location (e.g., city, region, or country)

Question 7

What is to Identify Size, Structure, and Trends in the Market

Answer 7

For an effective marketing campaign, its important to identify the target market, structure and trends.

Question 8

What is Size? Example:

Answer 8

Businesses need to know how big their market is. This helps them decide if they should focus on a large, mass market or a smaller, niche market.

Example: A company may decide to make products for all age groups (large market) or only for teenagers (niche market).

Question 9

What is Structure? Example:

Answer 9

Structure means understanding who your customers are. What kind of people are they? Are they young or old? Do they live in a certain place? What languages do they speak?

Businesses can use this info to make their ads, products, or services more appealing to the right group.

Example: A travel company might focus on older customers who want relaxing vacations, while another might target young people who want adventure trips.

Question 10

What is to identify Competition?

Answer 10

Marketing Campaigns rely on the intelligence to assess threats from competitions

Question 11

What are Trends? Example:

Answer 11

Trends are changes in what people buy, when they buy it, and how often.

Knowing trends helps businesses plan for the future.
For example, a business can know when customers are most likely to buy based on past data.

Example: A company selling winter coats will use past buying trends to predict when customers will need them again.

Question 12

What does it Identify Competition mean?

Answer 12

Competition refers to other businesses that sell similar products or services to the same audience.

Knowing who your competitors are and what they offer helps you improve your own business strategy.

Question 13

Why is it important?

Answer 13

If you don’t know what your competitors are doing, you could lose customers to them.

Understanding your competition allows you to highlight what makes your product or service better.

Question 14

How do businesses identify competition?

Answer 14

They look at things like:
-Pricing (Is your competitor cheaper?)
-Quality (Is their product better?)
-Customer experience (Are customers happier with their service?)

Example: Big supermarkets like Tesco or Lidl regularly check their competitors’ prices and often have promotions to convince customers they offer better value.

Question 15

What are the two Market Research Methods and use?

Answer 15

Primary and Secondary

Question 16

What is Primary Research?

Answer 16

Primary research is data and information that the business has gathered first-hand and has not been gathered before.

Question 17

Examples of Primary Research Methods

Answer 17

• Questionnaires and surveys such as online feedback forms
• Interviews and focus Groups
• Mystery shoppers and other observation techniques
• trials of prototypes or new products for gathering feedback

Question 18

WHY does the business carry these research methods

Answer 18

One reason would be that it would be more cost effective for a business to conduct secondary research before it starts conducting primary research methods

another reason is that it allows to build an understanding of the market and identify any major barriers before committing to expensive research

• Primary research can be used by the business to develop some assumptions

Question 19

What is a secondary research method?

Answer 19

Secondary Research uses data and information that has been collected before from within the organisation or by other organisation this method is known as desk research.

Question 20

What are the reasons why business need to be aware of using a secondary research methods

Answer 20

1. Information can be old
2. Information may be biased to promote a particular cause
3. Collection Methods may have been unreliable

Question 21

What are the different methods of primary research?

Answer 21

1) Surveys
2) Interviews
3) Observation
4) Trials
5) Focus Groups

Question 22

Explain the primary research method Surveys

Answer 22

People are asked a series of questions by post, phone or online. Often the surveys are quite long. People completing them may be rewarded with a gift or money-off voucher. Businesses can collect in-depth customer data for analysis.

Question 23

Explain the primary research method Interviews

Answer 23

These are face-to-face conversations with people who are selected to match agreed characteristics. They are asked a series of questions by the interviewer. Interviews enable businesses to collect in-depth opinions and ideas.

Question 24

Explain the primary research method Observation

Answer 24

This involves watching people’s behaviour. A supermarket has lots of security cameras and these can be used to watch store flow and how people shop. Observation is used to look at customer behaviour and habits.

Question 25

Explain the primary research method Trials

Answer 25

Often a business will often a cut price or free version of a new product to encourage people to try it. The business asks for feedback to see what people think about the product. Trials are used to get an early indication whether customers like the products.

Question 26

Explain the primary research method Focus Groups

Answer 26

People selected by the business form a group and are encouraged to discuss products or services. A moderator directs the group. The group’s discussions are often recorded and analysed in detail to identify attitudes and reactions and enable the business to develop products and services that meet customer needs.

Question 27

What do focus groups provide a business?

Answer 27

Plenty of in-depth options and views

Question 28

What different types of internal secondary research are there?

Answer 28

1) Customer data and financial records
2) Sales records
3) Loyalty cards

Question 29

How is customer data used as internal secondary research?

Answer 29

Businesses can collect detailed data on buying habits and reward customers with personalised offers and target promotions more effectively

Question 30

What are the different types of external secondary research?

Answer 30

1) Commercially published reports
2) Government statistics
3) Trade journals
4) Competitors’ annual reports and websites
5) Media sources

Question 31

How are commercially published reports used as external secondary research?

Answer 31

Some businesses research specialised or mass markets and then sell their findings to other businesses. The information is used to help businesses identify trends

Question 32

How are government statistics used as external secondary research?

Answer 32

The Office for National Statistics produces a wide range of official government statistics free of charge. These provide businesses with information about social, economic and business trends.

Question 33

How are trade journals used as external secondary research?

Answer 33

A trade journal is a publication covering a specific industry (such as road haulage). It contains articles, research and news about the industry. It may also offer valuable insights into business opportunities, industry trends and competitor activity.

Question 34

How are competitors’ annual reports and websites used as external secondary research?

Answer 34

Public companies such as Merlin Entertainment, which run several theme parks including Alton Towers, must publish reports, updates and financial information. These appear on the company’s website together with press releases and news reports. Competitors will regular check these sources of data to collect information.

Question 35

How are media sources used as external secondary research?

Answer 35

Newspapers and magazines, television and radio programmes and news websites provide up-to-date information about business, markets and trends. The subjects are usually well researched and provide valuable information.

Question 36

What are the five most important methods

Answer 36

1. Validity
   2.Reliability
2. Appropriateness
3. Currency
4. Cost

Question 37

What is Validity and give me an example

Answer 37

Validity is whether the research measures what it claims to be measuring.
for Example: Information taken from websites such as Wikipedia cannot be assumed to be valid.

Question 38

What is reliability and give me an example

Answer 38

Reliability is whether the research can be applied to the whole market or all customers
For Example: Training your team in equipment use and maintenance

Question 39

What is Appropriateness and give me an example

Answer 39

Appropriateness means choosing the right way or do the market research.
One Example:

Question 40

What is Currency and give me an example

Question 41

What is Cost and give me an example

Question 42

What are the two types of data

Answer 42

Quantitative Data And Qualitative Data