Jaaron Janzen                                                    Marketing Research 

Part A

1.            Explain marketing research process.

·         For the marketing research process you need to gather quality information, set a budget for the project and the deadline.

·         Therefore you need to define the problem and research.

·         As well as you need to form a sample and analyse!

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

Internal:

·         Sales Figures

·         Customer Reports

·         Trend Data

External:

·         Competitor Information

·         Government Publications

·         Commercial Publications

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 (3 points)

·         Experiments are a good way of gathering and obtaining valuable information.

·         The goal of this is to measure and evaluate the consumers reactions or emotions and make necessary changes.

·         Example: Getting 100 customers to try the new A&W burger and telling them what’s good about it and what isn’t.

B)            Explain the advantages & disadvantages (3 points each)

·         An advantage of doing an experiment would be that you get to see a small sample of the product/ project.

·         A disadvantage of an experiment would be that experiments can become very costly and dangerous to run.

·         Therefore another advantage of experimental research is that it is a very useful and powerful tool to study and gain research.

Part B

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

The micro-environment is the affect to help and serve customers.

·         Customers

·         Suppliers

·         Competitors

·         Local Community

·         Trade Unions

·         Intermediaries

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

·         Substitutes: A product that have differences but might be bought instead.

·         Close Competitors: Companies making and producing similar ideas or products.

·         Direct Competitors:  Companies that create very similar products.

·         Indirect Competitors: Other companies that aren’t necessarily competitors for money.

3.                   Define and provide an example from YOUR experiences

·         Perfect Competition: Companies who sell the same types of products to customers who buy depending on price.

Example: I have a stand, and I sell lemonade only.

·         Monopolistic Competition: A company that sells a variety of products and quantity.

Example: I have a stand, I sell lemonade, grape juice, cookies and bread.

·         Oligopoly: A competition between a small number of companies and firms.

Example: The auto industry.

·         Monopoly: A single provider for a service or product.

Example: Bc Hydro

4.                   List and describe Porter’s five forces.

·         The bargaining power of customers: Strong customers will bring the cost the price to go down.

·         The bargaining of power of suppliers: Customers will bring the cost the price to go up.

·         The threat of substitute product: A product that may offer the same benefits as another product from another company.

·         The intensity of existing competition: A force used to determine the suspense and intensity of a marketing or industry.

·         Barrier to the entry: How simple it is for new people to join or enter the market.

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 macro-environment is the way the condition stands in the economy in a specific region or sector.

·         Legal and regulatory environment

·         Technical environment

·         Demographic environment

·         Political environment

·         Macro-environment