Marketing Research Methods and        Environment

                                 A

1. Explain Marketing Research Process

-The marketing research is a process that finds data to see what people will spend their money on, or fix errors that make people not want to spend their money on you.

-You must find a problem, find your goals to accomplish after you get data, pick where you will get your data, make a sample, make a budget and when it will be done, find and analyse data.

2.  List 3 secondary data sources for both internal and external

-You can receive data from your companies’ sale reports, reports from the customers, and MIS reports.

- You can receive your information externally from the competitors’ info, government publications, and directories.

3. List 3 Primary Field Data

-         You can collect your own data by going and getting it from people.

-         You can create surveys, conduct interviews, and create focus groups.

     4.  Choose one of the primary field data sources.

-Surveys

-Surveys are multiple choice questionares given to people by companies to try and figure out how to get, “Joe Public” to be interested on spending money on their company.

-Some of the advantages include: it’s easy to collect a lot of data fast, it’s easy to create and organize, and that people will generally agree for a small prize such as a Cupon.

-Some of the disadvantages include: Outliers can affect the results, if it’s multiple choice people might not be able to give their true answer, and you may have to give away free goods to get people to do your survey.

                            B             

1. What is a Micro-Environment, and list 5 elements.

-         A micro environment is the environment that’s the closely linked to the company.

-         It includes all the organizations and people who affect the moves of a company directly.

-         Five elements of the micro environment include the customers, employees, suppliers, competitors, and local government

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

- There are direct competitors, which have a very similar products, like Ford and Chevrolet.

- There are close competitors that have close to the same products, such as ice tea and sprite.

-There are substitutes, which may be chosen instead of the other products, but aren’t very similar. Like maybe a subway sandwich, or an eggroll from a Chinese restaurant.

-There is also indirect competition where, where companies compete for the consumers money.

3. Define and provide an example from YOUR experience.

-Perfect competition is when companies are competing for customers who buy their products just based on the price, gas stations is an example of perfect competition.

-Monopolistic Competition is when a lot of companies sell a different good, which they have a monopoly. McDonalds, Sub Way, Tim Hortons, and pizza hut.

-Oligopoly is a competition between a small number of companies, like Lays and Pringles.

-Monopoly is when a single supplier supplies to everyone, little to no competition, I.E. Netflix.

 4. List and describe Porter’s five forces.

-Porters five forces is a way to analyse the market.

1.-The atmosphere of the current competition, basically how many companies are doing the same thing, and supply+demand.

2.-How strong is the barrier to the current market. The barrier is the difficulty to become a new company in a certain market.

3.-The threat of substitute products. If there is a threat if substitute products, then there are other companies that will either make fake, or cheaper versions of a current product in the market.

4.-The bargaining power of customers. If there are dominant customers, then they will make the price a product fall.

5.-The bargaining power of suppliers. If the suppliers have a monopoly in a market, they can force up prices.

5. List the 5 main market environment types

-Consumer or B2C markets

-Business or B2B markets

-Export markets

-Government markets, it’s when the government is a big buyer

-Reseller markets – where the buyer is an intermediary who sells on to someone else.

What is a macro-environment, and list 5 elements

-It’s the general environmental factors that influence the market/companies.

1. Macro-economic environment

2. Political environment

3. Social and cultural environment

4. Demographic environment

5. Legal and regulatory environment