The Market + Market Research

• What is the competitive environment in marketing?

  Businesses competing to persuade consumers
• What factors influence competition among businesses?

  Price, design, and quality
• What does market growth measure?

  Percentage increase in sales volume or value
• What does sales value measure?

  Revenue generated from sales
• What does sales volume measure?

  Number of items sold
• What are the functions of the marketing department?

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

  A large undifferentiated market
• What is a niche market?

  A smaller part of a large market
• What is market segmentation?

  Dividing the market into specific parts
• What factors can be used for market segmentation?

  Age, gender, income, socio-economic group
• How does socio-economic segmentation work?

  Based on jobs and lifestyles related to affordability
• What does location segmentation consider?

  Where people live and work
• How does income/cost segmentation function?

  Determines affordability of products
• What is lifestyle segmentation?

  Based on leisure activities and demands
• What factors are considered in time/purpose/use/interests/hobbies segmentation?

  Consumer interests and usage patterns
• How does ethnic and cultural segmentation work?

  Identifies product usage among different groups
• What does skill/proficiency segmentation consider?

  Ability and experience of consumers
• How does gender segmentation affect marketing?

  Products may appeal more to one gender
• What are consumer panels?

  Groups representing consumer views in sectors
• What is the marketing mix?

  Combination of factors to sell products
• What are the 4Ps of marketing?

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

  Gathering information about consumers and trends
• What is primary research?

  Collecting new data for specific purposes
• What are examples of primary research methods?

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

  Up-to-date, specific, accurate information
• What are the disadvantages of primary research?

  Expensive, time-consuming, potential bias
• What is secondary research?

  Using existing information for analysis
• What are examples of secondary research sources?

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

  Inexpensive, quick, cost-effective analysis
• What are the disadvantages of secondary research?

  Often out of date, little control over quality
• What is qualitative data?

  Data about attitudes, beliefs, and intentions
• What methods are used to collect qualitative data?

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

  Subjective, time-consuming, open to interpretation
• What is quantitative data?

  Data that can be measured statistically
• What methods are used to collect quantitative data?

  Surveys, questionnaires, government publications
• What are the characteristics of quantitative data collection?

  Objective, numerical, less open to interpretation
• What are some methods of primary research?

  • Experiments
  • Mechanical observation
  • Simulation
  • Focus groups
  • Case studies
  • Individual depth interviews
  • Human observation
  • Surveys
  • Personal interviews
  • Mail surveys
  • Telephone surveys
  • E-mail surveys
  • Web surveys
• What are some methods of secondary research?

  • Newspapers/magazines
  • Company reports
  • Census data
  • Published data/internet