Competitive Strategy and Marketing Research
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Questions and Answers

Which type of questions are opinions most likely to reveal in market research?

  • Historical information
  • Average income
  • Census data
  • Buying motives (correct)
  • In which type of research do facts easily obtained by questions that require only 'Yes or No' answers?

  • Statistical Research (correct)
  • Survey Research
  • Quasi-facts Research
  • Opinions Research
  • What type of data demands accuracy in the first step of applying research data?

  • Statistical data
  • Historical data
  • Quasi-facts (correct)
  • Attitudes insights
  • What is a limitation of statistical research in market research compared to survey research?

    <p>It is based on historical data</p> Signup and view all the answers

    What do opinions reveal more about in market research?

    <p>Buying motives</p> Signup and view all the answers

    What is the main objective of advertising according to the text?

    <p>To develop long-term customers</p> Signup and view all the answers

    What is personal selling defined as in the text?

    <p>Person-to-person communication between a salesperson and a prospective customer</p> Signup and view all the answers

    What are some key strategies to keep loyal customers, as mentioned in the text?

    <p>Show appreciation and incentives, solicit feedback, and stay in touch</p> Signup and view all the answers

    What is crucial for an entrepreneur in any business endeavor?

    <p>Ensuring a good location for the business</p> Signup and view all the answers

    What is the role of sales representatives according to the text?

    <p>They are the company's link to customers through person-to-person communication</p> Signup and view all the answers

    In market research, what is the importance of analyzing benefits and comparing values as mentioned in the text?

    <p>To help customers make informed decisions based on benefits and values</p> Signup and view all the answers

    What type of pricing strategy involves setting a low initial entry price to attract new customers?

    <p>Pricing for Market Penetration</p> Signup and view all the answers

    Which pricing strategy is based on the theory that specific prices have a psychological impact on consumers?

    <p>Psychological Pricing</p> Signup and view all the answers

    What is the purpose of Promotional Pricing?

    <p>Offer short-term discounts and incentives during product introduction</p> Signup and view all the answers

    What does Market Skimming Pricing involve?

    <p>Setting high initial prices and keeping them constant</p> Signup and view all the answers

    Under what type of pricing strategy are retail prices often expressed as 'odd prices'?

    <p>Psychological Pricing</p> Signup and view all the answers

    What defines Advertising and Promotion in terms of marketing?

    <p>Addressing the awareness and purchase steps in customer behavior</p> Signup and view all the answers

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