Marketing Research Methods & Environment

Part A

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 every one 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

-Effects 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.