Wilson blog

Blogger, Wilson

Part A

1.      Explain marketing research process. 

·         Define the problem and research objectives

·         Choose data sources and research methods

·         Construct sample

·         Set budget, deadlines

·         Undertake research, analysis and evolution

2.    
     List 3 secondary data sources for both internal & external.
      
     Internal

Sales data

Customer reports

Trend data

External

Competitor information

Government publications

Directories

3.    List 3 primary field data sources.

·         Experiments

·         Observations

·         Surveys

4.    Choose one of the primary field data sources.

a.    Explain it in more details

Observation

-Info collected without questions asked

-Important to know how, what and where people buy

-Can be controlled or uncontrolled in real life

b.    Explain the advantages & disadvantages

Strengths

-Not a lot of bias

-Doing, not saying

-Does not rely on memory

Weaknesses

-Time consuming, expensive

-Answers who what where how but not why

-Only partial info

Part B

1.    What is a micro-environment and list 5 elements

The environment that is most close to an organization. It is everything that directly affects the company and it's market whether it be another organization or an individual.

-Customers

-Suppliers

-Regulators

-Employees

-Competitors

2.   
      List and describe the four categories of competitor environment.  

-Direct competitors: companies that make a product that is made to rival a similar product

-Close competitors: Companies that make similar products to another company but is not a direct rival

-Substitutes: products that are different but have a quality that might convince someone to buy it instead.

-Indirect competition: Companies that aren’t trying to compete with products, but compete for the customer’s money

3.    Define and provide an example from YOUR experiences

a.    Perfect competition – Pepsi and Coke

b.    Monopolistic competition – Chips companies

c.    Oligopoly – Coffee shops like starbucks and tim hortons

d.    Monopoly – Lego

4.    List and describe Porter’s five forces.

-Barrier to the entry – how easy it is for newcomers to enter the market

-Threat of substitute products

-Intensity of existing competition

-Bargaining power of customers – Better customers will bring price down

-Bargaining power of suppliers – Better suppliers will bring prices up

5.    List the 5 main market environment types.

-Consumer or B2C markets

-Business or B2B markets

-Export markets

-Government markets

-Reseller markets

6.    
     What is a macro-environment and list 5 elements

The general things in the marketing environment that affect and influence an organization. 

-Macro-economic environment

-political environment

-social and cultural environment

-Demographic environment

-Legal and regulatory environment