market research

• What is the definition of a competitive environment in marketing?


  A situation where multiple businesses try to persuade consumers to buy their products.
• What factors do businesses compete on in a competitive environment?

  Price, design, and quality.
• How is market growth defined?


  As the percentage of increase in sales volume or value.
• What does sales value measure?


  The revenue generated from sales.
• What does sales volume measure?


  The number of items sold.
• What are the main functions of a marketing department?

  • Market Research: Identify customer needs.
  • Product: Source successful products.
  • Price: Set appropriate selling prices.
  • Promotion: Manage advertising and awareness.
  • Place: Ensure product availability.
  • Sales Process/Customer Service: Maintain good service and public relations.
• What is a mass market?


  A large, undifferentiated market selling products to many people.
• What is a niche market?


  A smaller segment of a larger market tailored to specific customer needs.
• What is market segmentation?


  The process of dividing the market into parts with specific characteristics.
• What are some characteristics used in market segmentation?


  Age, gender, income, and socio-economic group.
• How does socio-economic status affect market segmentation?


  It relates to people in different jobs and lifestyles affecting affordability.
• Why is location important in market segmentation?


  It considers where people live and work.
• How does income affect market segmentation?


  It indicates how much consumers can afford to spend.
• What lifestyle factors can influence market segmentation?


  Increased leisure time can lead to higher demand for certain items.
• What is the significance of time/purpose/use/interests/hobbies in market segmentation?


  These factors help identify specific consumer needs and preferences.
• How do ethnic and cultural factors affect market segmentation?


  Some groups may be more likely to use a product than others.
• How does skill/proficiency relate to market segmentation?


  It is based on the ability and experience of consumers.
• How does gender influence market segmentation?


  A good or service may appeal more to one gender than another.
• What is a consumer panel?


  A group recruited to represent consumer views in a sector.
• What is the marketing mix?


  The combination of factors that help a business sell its products.
• What are the 4Ps of the marketing mix?


  Product, price, promotion, and place.
• What is market research?


  The process of gathering information about consumers, competitors, and market trends.
• What is a focus group?


  A gathering of consumers to discuss their reactions to products.
• What is primary research?


  Field research collecting new data for a specific purpose.
• What are some examples of primary research methods?


  Questionnaires, focus groups, and personal interviews.
• What are the advantages of primary research?


  It is up-to-date, specific, and accurate for business needs.
• What are the disadvantages of primary research?


  It can be expensive, time-consuming, and biased.
• What is secondary research?


  Desk research using existing information.
• What are some examples of secondary research sources?


  Newspapers, trade journals, and census data.
• What are the advantages of secondary research?


  It is inexpensive and quick to obtain.
• What are the disadvantages of secondary research?


  It can be out of date, unavailable, and of questionable quality.
• What is qualitative data?


  Descriptive information that includes opinions and cannot be quantified by numbers.
• What are common methods for collecting qualitative data?

  Focus groups, participant observation, and interviews.
• What are the characteristics of qualitative data collection?


  It can be time-consuming and subjective, often leading to disagreements.
• What is quantitative data?


  Data that deals with measurements and figures.
• What are common methods for collecting quantitative data?


  Surveys and government publications.
• What are the characteristics of quantitative data collection?


  It is easier to interpret and evaluate compared to qualitative data.