MARKETING

Question 1

What is primary research?

Answer 1

research you found yourself for your business

Question 2

what is secondary research?

Answer 2

second hand research that someone else already found

Question 3

what are some examples of primary research?

Answer 3

observation, questionnaires, focus group, surveys

Question 4

where can you find secondary research?

Answer 4

google, magazines, competitor websites, market research reports

Question 5

what is qualitative data?

Answer 5

words and opinion answers

Question 6

what is quantitave data?

Answer 6

numerical answers

Question 7

what is a usp?

Answer 7

unique selling point

Question 8

what are the 7 Ps?

Answer 8

product, price, promotion, place, people, process, physical

Question 9

what is market segmentation?

Answer 9

dividing the market into parts that reflect different customer needs and wants

Question 10

what are some ways of segmenting the market?

Answer 10

gender, age, income, ethnicity, location

Question 11

what is the purpose of market research?

Answer 11

to understand the demand, trends, competition

Question 12

what is the use of market research?

Answer 12

help a business make decisions that will improve their business

Question 13

what are some pricing methods (7 Ps)?

Answer 13

price skimming, competitive pricing, cost-plus, price penetration

Question 14

what factors influence pricing decisions

Answer 14

cost, product lifecycle, competition

Question 15

what is product diffrentiation?

Answer 15

changing your product to give it a usp and make it different from competitions

Question 16

what are the stages of the product lifecycle?

Answer 16

1) research and development
2)introduction
3) growth
4) maturity
5) decline
6) extension strategys

Question 17

what are some extension strategies?

Answer 17

update packaging, adding different features, changing target market, advertising, price reduction

Question 18

what are some advertising methods?

Answer 18

magazines, bill boards, tv, newspapers

Question 19

what are some sales promotions?

Answer 19

2 for 1, free gift, 50% off

Question 20

what are some promotional methods?

Answer 20

advertisement, sales promotions, sponsorship, social media

Question 21

what factors influence the selection of the promotional method?

Answer 21

finance available, competitor actions, product or service, target market

Question 22

why do businesses use promotional methods?

Answer 22

inform market about product/ service, increase sales change image of product, persuade customers to buy product

Question 23

what are some examples of place (7 Ps)

Answer 23

retailers, wholesailers, e-commerce

Question 24

what are the four elements of the marketing mix?

Answer 24

product, price, place, promotion

Question 25

how do the four elements of the marketing mix work together?

Answer 25

without out all elements of the mix, the product wont sell due to awareness or bad deal. for example if you had a good quality product with a fair price in a convenient location but you don’t promote it then no customers will know about the product or service and therefore not buy it.