Marketing Methods
1.
Explain
marketing research process.
·
Come
up with an idea or realize a problem
·
Figure
out how your going to do it
·
Make
it happen
2.
List
3 secondary data sources.
Internal:
·
Sales
figures
·
Customer
reports
·
Trend
data
External:
·
Competitor
information
·
Government
publications
·
Commercial
publications
3.
List
3 primary field data sources.
·
Experiments
·
Surveys
·
Observations
4.
Choose
one of the primary field data sources.
-Observations
a.
Explain
it in more details (3 points)
·
It’s
useful to know what people think or what ideas they have about it.
·
Observing
their reactions to the product.
·
You
can observe under controlled conditions
b.
Explain
the advantages & disadvantages (3 points each)
Advantages:
·
You
can see what people do instead of what they say about it.
·
You
don’t have to rely on their honesty, you just look at there expressions
·
You
can see how to change the product with how people are using it.
Disadvantages:
·
Takes
more time.
·
Does
not answer some questions.
·
You
can think someone likes it when really they don’t.
1.
What
is a micro-environment and list 5 elements
- An environment mostly closely linked to the organization
·
Customers
·
Employees
·
Suppliers
·
Trade
unions
·
Competitors
2.
List
and describe the four categories of competitor environment.
·
Direct
Competitors – Companies that produce a similar product which is a direct rival.
·
Close
competitors – Companies that produce similar products.
·
Substitutes-
Products that are different but may be bought instead or is more popular.
·
Indirect
competition – All other companies are indirect competitors so they compete for
consumers’ money.
3.
Define
and provide an example from YOUR
experiences
a.
Perfect
competition
-
Companies
selling goods to customers who buy on price alone. For example when you go to a
clothing store even though the jeans are different brands they are sold for a
similar price.
b.
Monopolistic
competition
-
Businesses
sell a differentiated goods over which they have monopoly. For example I prefer
Starbucks but you could also go to Tim Hortons for coffee, or when I go to
Vancouver I like to stay at the Fairmont but the Sutton is down the street.
c.
Oligopoly
-
Competition
between a small numbers of companies. For example when I compete in a dance
competition were dancing for our studio so all the different studios are
competing for more recognition in the dance world.
d.
Monopoly
-
A
single supplier. For example when you go to the movie theater you have to buy
the food they supply because you can’t bring your own. This manes they can
raise the price.
5.
List
and describe Porter’s five forces.
·
The
intensity of the competition
·
The
lack of entry – How easy it is for newcomers to enter the market.
·
Threat
of the substitute products
·
Bargaining
power of customers –dominant customers will drive down price.
·
Bargaining
power of suppliers – dominant suppliers will force up price.
6.
List
the 5 main market environment types.
·
Export
market
·
Reseller
market
·
Consumer
market
·
Business
market
7.
What
is a macro-environment and list 5 elements
-The general environment factors that influence the
organization.
·
Marco-economic
environment
·
Political
environment
·
Social
and cultural environment
·
Demographic
environment
·
Technical
environment
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