Marketing

Question 1

Marketing Strategies

Answer 1

Niche Marketing
Timing of a product launch
Product Differentiation
Packaging design
Pricing

Question 2

Market Research step 1

Answer 2

Determining information needs

The problem is stated to determine what needs to be measured and the issues involved

Question 3

Market Research step 2

Answer 3

Collecting data from primary and secondary sources

Plans are made to gather missing data.

Question 4

Market Research step 3

Answer 4

Analyzing and interpreting data

The facts need to be analyzed and interpreted to determine what they mean

Question 5

Why is marketing research important?

Answer 5

Reduces risk
Needs and wants can be assessed
Identify marketing opportunities and problems

Question 6

Data

Answer 6

Primary Data- survey method, observation method, experimentation method
Secondary Data- internal data, external data

Question 7

Market Segmentation

Answer 7

Demographic, Geographic, Psychographic, Behavioural

Question 8

Survey Method

Answer 8

Gathers data by asking questions or interviewing people.

Gathers information first hand. However, it is becoming more difficult as respondent rates are declining.

Question 9

Observation Method

Answer 9

Involves recording the behavior of customers. Direct contact is avoided.
This has become very popular and can be highly accurate. However, the main limitation is that is explains only what happened, not why