Marketing research methods and enviroments
Marketing research methods and environment
1. Explain marketing research process
-Several steps that happen to create product
-First you have to find the problem
-Then you have to know how you want to research
-Then you collect data.
-Then you must make a sample of the product
-Next you must set a budget and deadlines.
-Then you have to do more research.
- Finally you have to analyze and evaluate your final product
2. List 3 secondary data sources for both internal & external.
Internal external
-Sales figures -competitor information
-Customer reports -government publications
-Trend data -commercial publications
3. List 3 primary field data sources.
-experiments
-observation
-survey
4. Choose one of the primary field data sources.
Explain it in more details
Survey
a. Explain it in more details (3 points)
-Surveys are questions where you fill out your opinion on
-surveys help the brand to see what’s right or wrong about the product
-surveys are usually given out with a reward to do them because the brand would get more feedback
b. Explain the advantages & disadvantages (3 points each)
Advantages
-allows you to see what range your product is intended for
-allows you to see what’s wrong with your product so you can change it
-allows you to see what’s good about the product so you can keep
Disadvantages
-Not that many people want to sit and fill out a survey when they have better things to do
-Surveys don’t always give you precise answers because most people don’t do them
-Surveys are available to everyone so you can get a wide range of answers so it wouldn’t help
Part B
1. What is a micro-environment?
-Individuals that directly affect the ideas of the company
-The environment of people closest to the company
-The most specific feedback to the company
-Businesses use all factors to manipulate its activities for the particular market
-Customers/investors affect the businesses ability to well in particular market
2. Describe the four categories of competitor environment.
-Direct competitors- Businesses with similar products and are direct rivals (Apple, Samsung)
-Close competitors- Businesses with similar products (McDonalds, Cactus Club Café)
-Substitutes- Different products, but still competitors (Lays, KitKat)
-Indirect competition- All businesses that fight for customer’s money
3. Example from my experiences.
-Perfect competition- In the cafeteria I prefer to buy an Aloe, but I might buy a pop instead because it’s a lower price
-Monopolistic competition- On our field trip on Wednesday I wanted to have a burger for lunch, White Spot was my only option, so that is what I got
-Oligopoly- At the pop machine in Mr. Worsley’s class there is only Ice Tea, Ginger Ale, and Coke
-Monopoly- At a party there is only Lays chips, so even if I wanted Doritos I ate Lays.
4. Describe the Porter’s five forces.
-The intensity of existing competition- Analysis the amount and strength of the competition in the market
-Barrier (or lack of) to the entry of new competitors- Difficulty to the newcomers of the market
-The threat of substitute products- If a companies make a product similar to another companies’, it can replace it
-The bargaining power of customers- Important customers can lower the price
-The bargaining power of suppliers- Important suppliers can up the price
5. 5 main market environment types.
-Consumer or B2C markets
- Business or B2B markets
-Export Markets
-Government markets – government is large buyer
-Reseller markets – the original buyer sells to someone else
6. What is a macro-environment?
-Made up of general forces rather than specific companies
-Affects all businesses rather than specific companies
-Refers to factors in the public to influence the businesses
-Factors outside of the businesses market
-Examples; Political Environment, Demographic Environment, Technical Environment, etc.
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