Week 1

Question 1

What are the 4 P’s?

Answer 1

Product, Price, Place, Promotion.

Question 2

Define Marketing Research:

Answer 2

The systematic and objective identification, collection, analysis, dissemination and use of information.

Question 3

What is the purpose of Marketing Research?

Answer 3

For the purpose of improving decision making related to Identification and solution of problems and opportunities in marketing

Question 4

How can Market Research help a brand?

Answer 4

• Gain an understanding of how their target market make decisions regarding their purposes.
• Formulate targeted marketing strategies and thus maintain and build on its leadership position in the market.

Question 5

What are the 6 steps in the Marketing research process?

Answer 5

Step 1: Defining the Problem
Step 2: Developing an Approach to the Problem
Step 3: Formulating a Research Design
Step 4: Doing Field Work or Collecting Data
Step 5: Preparing and Analysing Data
Step 6: Preparing and Presenting the Report

Question 6

What does “Defining the Problem” in the Marketing Research Process look like?

Answer 6

“Defining the problem” is about taking a vaguely defined problem faced by managers and turning it into a well-defined, well-articulated and solvable problem for marketing research specialists

Question 7

What are some examples of Problem Identification Research?

Answer 7

Market Potential, Market Share, Market Characteristics, Sales Analysis, Forecasting, Business Trends

Question 8

What are some examples of Problem Solving Research

Answer 8

Segmentation, Product, Pricing, Promotion, Distribution

Question 9

Why is Problem Identification research Important?

Answer 9

It helps identify problems which are not necessarily apparent on the surface and yet exist

Question 10

Why is Problem Solving research important?

Answer 10

It helps solve specific Marketing problems

Question 11

What are the components of an MRP?

Answer 11

1. Define the MRP
2. Break it down into specific components:
   - Research Questions
   - Hypotheses

Question 12

What are the two types of research design?

Answer 12

Exploratory Research Design

Conclusive Research Design

Question 13

List 5 methods of Data Collection:

Answer 13

• Mail survey
• Database
• Internet survey
• Phone interview
• Personal interview

Question 14

When Analysing Data, what are the key things to tell the client?

Answer 14

Insights: 
– What have we learned from the analysis? 
Recommendations: 
– Can the findings be put into actions? 
– If so, how? 
– Is more research needed?

Question 15

What are the 3 categories of Ethics that are important to Market Researchers?

Answer 15

• Client’s Ethics
• Supplier’s Ethics
• Respondent’s Ethics and Rights