Competitive Strategy and Marketing Research

Play an AI-generated podcast conversation about this lesson

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?

It is based on historical data Signup and view all the answers

What do opinions reveal more about in market research?

Buying motives Signup and view all the answers

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

To develop long-term customers Signup and view all the answers

What is personal selling defined as in the text?

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

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

Show appreciation and incentives, solicit feedback, and stay in touch Signup and view all the answers

What is crucial for an entrepreneur in any business endeavor?

Ensuring a good location for the business Signup and view all the answers

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

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

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

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

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

Pricing for Market Penetration Signup and view all the answers

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

Psychological Pricing Signup and view all the answers

What is the purpose of Promotional Pricing?

Offer short-term discounts and incentives during product introduction Signup and view all the answers

What does Market Skimming Pricing involve?

Setting high initial prices and keeping them constant Signup and view all the answers

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

Psychological Pricing Signup and view all the answers

What defines Advertising and Promotion in terms of marketing?

Addressing the awareness and purchase steps in customer behavior Signup and view all the answers

Competitive Strategy and Marketing Research

Podcast Beta

Questions and Answers