10 Questions
What is the main purpose of market research?
To analyze customer and consumer profiles and characteristics
What is the distinction between primary research and secondary research?
Primary research uses original data collection methods, while secondary research uses published data sources.
What is the impact of product portfolio analysis on marketing decisions?
It guides decisions on product development and extension strategies.
What are the main objectives of different channels of distribution?
To make products available to customers at the right time and place
What is the role of branding in promotion?
To influence customer perceptions and create brand loyalty
What are the factors influencing the demand for and supply of a business's products?
Interactions between demand, supply, and price
What is the difference between mass marketing and niche marketing?
Mass marketing targets the general market, while niche marketing focuses on specific customer segments.
What are the aims of Customer Relationship Marketing (CRM)?
To build long-term relationships with customers and enhance customer loyalty
How do markets differ based on consumer and industrial classification?
In consumer markets, the focus is on B2C products, while in industrial markets, the focus is on B2B products.
What is the link between marketing objectives and corporate objectives?
Marketing objectives drive corporate objectives
Study Notes
Market Research
- The main purpose of market research is to gather and analyze data to understand consumer behavior, preferences, and needs, and to inform business decisions.
Primary vs. Secondary Research
- Primary research involves collecting original data through surveys, focus groups, and experiments, providing firsthand information.
- Secondary research involves analyzing existing data from sources such as journals, books, and online resources, providing a broader perspective.
Product Portfolio Analysis
- Product portfolio analysis is a framework used to evaluate a company's products and determine their profitability, growth potential, and market position.
- It helps marketing decisions by identifying opportunities to optimize product lines, reduce costs, and allocate resources effectively.
Distribution Channels
- The main objectives of different channels of distribution are to:
- Make products available to target customers
- Increase sales and revenue
- Provide customer convenience and satisfaction
- Build brand awareness and loyalty
Role of Branding
- Branding plays a crucial role in promotion by creating an identity and image that differentiates a product or service from competitors.
- A strong brand can increase customer loyalty, trust, and recognition, ultimately driving sales and revenue.
Demand and Supply Factors
- The factors influencing demand for a business's products include:
- Consumer preferences and tastes
- Price and quality of products
- Advertising and promotion
- Income and economic conditions
- The factors influencing supply include:
- Production capacity and costs
- Raw material availability
- Technological advancements
- Government regulations
Mass Marketing vs. Niche Marketing
- Mass marketing involves targeting a large audience with a standardized product and message, aiming to appeal to a broad customer base.
- Niche marketing involves targeting a specific segment of the market with a tailored product and message, catering to unique needs and preferences.
Customer Relationship Marketing (CRM)
- The aims of CRM are to:
- Build strong relationships with customers
- Understand customer needs and preferences
- Provide personalized services and experiences
- Increase customer loyalty and retention
Market Classification
- Markets differ based on consumer and industrial classification, including:
- Consumer markets: individuals and households purchasing products for personal use
- Industrial markets: businesses and organizations purchasing products for use in production or operations
Marketing Objectives and Corporate Objectives
- Marketing objectives are aligned with corporate objectives to ensure a unified business strategy.
- Marketing objectives support corporate objectives by driving revenue, increasing market share, and building brand awareness.
Test your knowledge on the role of marketing, its relationship with other business activities, marketing objectives, demand and supply factors, market differences, and customer orientation. Explore the link between marketing objectives and corporate objectives, and the interactions between demand, supply, and price.
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