Questions and Answers
What is the traditional method of data collection often conducted face-to-face with respondents?
Focus group discussions can be used to gather detailed user needs and behaviors.
True
What type of research involves gathering information directly from the respondents who answered questions?
Primary research
A type of FGD that collects information on general attitudes and customer requirements is known as __________.
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In which type of focus group discussion do customers share what attracts them to specific products or services?
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What technique allows for gathering information through direct mail, phone, internet, or e-mail?
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Match the following data gathering techniques with their descriptions:
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Feature prioritization in FGDs focuses on obtaining opinions based on customer needs.
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What data gathering method is conducted through group interviews and brainstorming?
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Which type of analysis in an FGD includes making trade-offs among customer needs?
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Study Notes
Marketing Mix (7P’s)
- Marketing mix consists of variables controlled by a company to satisfy customers better than competitors.
- Originally comprised of 4 P's: Product, Place, Price, and Promotion.
- Expanded to 7 P's by adding People, Packaging, and Positioning.
- Effective utilization of the 7 P's can enhance profitability.
Product
- The first P, Product, is central to marketing strategy.
- Refers to goods or services designed to meet consumer needs and preferences.
- Examples include consumer goods like clothing and business goods like machinery.
- Services can be categorized as consumer (e.g., hair salons) or professional (e.g., accounting).
Market Positioning
- Involves identifying existing market position and differences from competitors.
- Competition analysis assesses market conditions and competitor influence.
- Developing a positioning strategy clarifies what makes the company unique and identifies market opportunities.
Branding
- Brand Name is a defining feature that distinguishes products in the marketplace.
- Strong branding influences consumer perception and experience.
- Brand strategy is vital for long-term brand development and achieving business objectives.
Data Collection Methods
- Essential for market research; includes surveys, interviews, and focus group discussions (FGD).
- Each method serves to gather targeted information from potential customers effectively.
- Primary research collects data directly from respondents, while secondary research analyzes existing data.
Competitive Analysis
- Identifying potential new entrants and substitute products is crucial for understanding market dynamics.
- Understanding buyer and supplier roles in the market helps in strategic planning.
- Analyzing existing firms focuses on industry rivalry and competitive barriers, impacting market entry.
Focus Group Discussions
- FGDs can uncover consumer attitudes and preferences by engaging respondents in discussion.
- Techniques include exploratory discussions to gather broad insights and comparative analysis for detailed evaluations.
- Data gathering through FGDs aids in understanding user needs and shaping product offerings.
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Description
This quiz focuses on the Marketing Mix known as the 7P’s in relation to business opportunities. It helps you assess your understanding of the concepts involved in marketing and data collection methods. Test your knowledge of effective marketing strategies and their practical applications.
