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Questions and Answers
What is one of the main benefits of personal interviews in market research?
Which technique is generally less expensive and time-consuming than face-to-face interviews?
What is a recommended consideration for focus group discussions?
Why is it important to organize collected data as soon as possible?
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What is a potential drawback of using internet-based surveys?
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What defines durable goods?
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In a one-stage distribution channel, who is the intermediary?
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Which of the following best describes intangible goods?
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What is a characteristic of a two-stage distribution channel?
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How is 'place' significant in marketing?
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What is primarily involved in the 'Product' aspect of the marketing mix?
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Which of the following is a primary function of the marketing mix?
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Which of the following does NOT belong to the traditional '4Ps' of marketing?
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What are industrial goods primarily used for?
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Which of the following is a benefit of understanding the marketing mix for a business?
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What factor significantly influences the price of a product?
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Which pricing strategy sets low prices initially to gain market share?
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How does competition pricing determine the price of a product?
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What is an example of psychological pricing?
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Which of the following is NOT a type of pricing strategy mentioned?
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What is a key advantage of television advertising?
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Which promotional strategy involves customer testimonials?
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What does functional packaging primarily focus on?
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What is the main purpose of sales promotion?
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Which of the following describes safe packaging?
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What does the process of positioning primarily focus on?
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Which of the following is NOT a component of the 4Ps that integrate into positioning?
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How should a company approach positioning in pricing?
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What role does sales location play in positioning?
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Which statement best fits into the positioning statement template?
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Study Notes
Data Collection Techniques
- Surveys (Questionnaires): Common method for gathering primary research using questionnaires or interview schedules, delivered through various methods like mail, phone, internet, email, face-to-face, or web-based interviews.
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Interviews:
- Personal Interviews: Traditional method involving direct interaction between researcher and respondents. Builds relationships, clarifies answers, and allows for follow-up questions, potentially yielding high response rates in survey research.
- Telephone Interviews: Less expensive and time-consuming than face-to-face interviews, but may have lower response rates.
- Focus Group Discussions (FGD): Effective for generating and screening ideas, and understanding user needs & behaviors. Considerations include session length (90-120 minutes) and participant number (8-10 per group).
The 7Ps of Marketing Mix
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Product: Goods or services produced to meet consumer wants, tastes, and preferences. Consumers purchase for benefits and satisfaction.
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Category of Product:
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According to Use:
- Consumer goods: Purchased for personal consumption (e.g., food, toiletries).
- Industrial goods: Used in businesses.
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According to Use:
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Category of Product:
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Price: Amount of money paid by the consumer for a product or service.
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Factors Affecting Price:
- Cost: Production cost influences product price.
- Price Objective: Manufacturers adjust prices based on market goals (e.g., discounting, rebates).
- Legal or Regulatory Issues: Laws regulate highest and lowest prices.
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Pricing Strategies:
- Penetration Pricing: Artificially low prices to gain market share, then increased later.
- Skimming Pricing: High initial prices, then lowered to reach a wider market. Not sustainable due to attracting competitors.
- Competition Pricing: Prices based on competitors, not cost or demand. Three options: lower, same, or higher than competitors.
- Bundle Pricing: Bundling products/services together at a lower overall price than individual sales.
- Premium Pricing: Products priced higher than similar products to create a perception of greater value.
- Psychological Pricing: Prices slightly lower than round numbers (e.g., $9.99 instead of $10.00) to create a perception of lower price.
- Cost Plus Pricing: Adds a markup to the cost of goods and services to arrive at the final price.
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Factors Affecting Price:
- Place (or Distribution): Where the buyer and seller exchange goods or services, encompassing both physical and online stores. Crucial for marketing efforts.
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Promotion: Communication strategy to increase customer demand and loyalty.
- Advertising: Paid promotion using various media (newspapers, social media, TV, radio).
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Promotional Strategies:
- Television: Fast-growing medium, combining sound and visuals for lasting impressions.
- Print: Newspapers, magazines, and direct mailings, effective visual mediums.
- Electronic: Online advertising (websites, emails), provides key information and personalized interactions.
- Word-of-Mouth: Customer testimonials and recommendations are highly credible for brand building.
- Publicity: Unpaid forms of communication (interviews, donations, training) enhance brand image.
- Personal Selling: Direct, in-person promotion, effectively conveying product information and benefits.
- Sales Promotion: Temporary incentives (gifts, samples, contests, pricing) to encourage purchases.
- People: Manpower (factory workers, sales staff, customer service) is crucial for product success, promoting, delivering, and supporting products.
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Packaging: The product's exterior presentation influencing purchasing decisions.
- Unique Packaging: Distinctive design creating differentiation.
- Functional Packaging: Provides consumer comfort and usability (squeezable pouches).
- Safe Packaging: Protection from leaks, tampering, and injury, crucial for children's safety.
- Easy to Remove: Packaging easily opened and removed without destroying the product.
- Promotional Packaging: Designing packages for visual appeal, promotion, or special offers.
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Positioning: Creating an image in the minds of a target market for a brand or product relative to competitors. Involves integrating the 4Ps.
- Positioning in Advertising: Determine needs of target customers for appropriate advertisements.
- Positioning in Price: How the product's price matches competitor demand.
- Positioning in Sales Location: Reaching consumers by choosing the appropriate distribution channel. Place the product accessibly to establish identity with the target market.
Distribution Channels
- Zero Stage: Direct transaction between producer and consumer without intermediaries.
- One Stage: One intermediary (retailer) present between producer and consumer.
- Two Stage: Two intermediaries (wholesaler and retailer) present.
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Classification of Goods:
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According to Durability:
- Durable goods: Long lifespan (appliances, vehicles).
- Non-durable goods: Consumed frequently and have a short lifespan (food items).
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According to Tangibility:
- Tangible goods: Products that can be seen or touched (food, clothing).
- Intangible goods: Services and activities providing consumer needs or satisfaction (government services, bank services).
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According to Durability:
Positioning Statement Template
For that need
__________________ _________________
Unlike that
__________________ _________________ our product
For is the
__________________ _________________ that will
__________________ so they can
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Description
Explore the various techniques for data collection, including surveys, interviews, and focus group discussions. Additionally, understand the 7Ps of the marketing mix to better meet consumer needs. This quiz covers essential concepts in research and marketing strategies.