MARKETING; Marketing Activities and Market Research Flashcards
(12 cards)
What is Marketing?
Is all those activities that enable trade to take place in the most profitable and efficient manner. This involves identifying consumers’ needs and employing a number of activities to ensure that these needs are satisfied.
What is Marketing activity or strategy?
Is a process that allow an organization to concentrate its limited resources towards increasing sales and achieving a competitive advantage.
What is the main goal of any marketing strategy?
Customer satisfaction.
What are the examples of marketing strategies?
Market research, Sales Planning and Promotion, Advertising, Branding, Packaging, Pricing,
Merchandising, Public Relations,
Warehousing, Hire Purchase Trading, After Sales Services and
Distribution
What is Market Research?
This is process of gathering, analyzing and interpreting information about a market and about a product or service to be offered for sale in that markets.
What does Market Research provide?
information about prospective and existing customers.
What does Market Research helps to determine?
Where to sell a good or service
How to sell it
How to price the product
How to promote the product
Who are the competitors in the market
What is the size of the market
Consumers’ behavior
What does Market research identifies?
The customers’ tastes, behavior, likes, dislikes, income, choice, brand loyalty, spending pattern, etc.
What are the two types of data involved in Market Research?
Primary data (source) and Secondary data (source).
What is Primary data (source)?
This is research which one compiles by himself/herself or he she hires someone to gather it on his/her behalf.
What is Secondary data (source)?
Research which is already compiled and organized, for example, report and studies by government agencies.
What are the methods of conducting Market research?
By questionnaires, Personal interviews (fact to face), By telephone interviews and By observation
