Importance of Marketing Research

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What does the company need to determine regarding the target market segment?

How long it will take to establish a presence in the segment

How many competitors are targeting the same segment

How well its core competencies will allow it to satisfy the segment’s demand (correct)

How much profit can be generated from the segment

What is the primary purpose of concept tests in product research?

To determine the market potential of existing products

To identify the core competencies of the company

To quickly and inexpensively gather consumers’ reactions to the concept of a proposed new product (correct)

To analyze the value perceived by consumers in new products

What is the focus of pricing research for a revolutionary new product?

To analyze the target market segment's purchasing power

To identify potential competitors for the new product

To determine the perceived value of the new product by consumers (correct)

To establish the production cost of the new product

What should companies have in place to identify and test new products?

A process to identify and test new products Signup and view all the answers

Why is it important for companies to focus on an ideal market segment?

To meet the needs of customers that are not being met or are being met poorly by competitors Signup and view all the answers

What type of research is used to ask potential buyers a series of open-ended questions about a new product?

Qualitative research Signup and view all the answers

What does marketing research help to identify?

Consumer problems and potential solutions Signup and view all the answers

In target market analysis, what does marketing research aim to determine?

Market segment size and growth Signup and view all the answers

What is a common challenge in identifying market opportunities and problems?

Difficulty in identifying consumer problems Signup and view all the answers

How does marketing research help in refining potential marketing actions?

By identifying suitable solutions to consumer problems Signup and view all the answers

What does determining market segment growth involve in target market analysis?

Determining if the segment is growing or shrinking Signup and view all the answers

Why is it important to monitor marketing performance in target market analysis?

To evaluate the effectiveness of marketing strategies in reaching target markets Signup and view all the answers

What type of research is conducted to evaluate the effectiveness of promotion expenditures?

Promotion research Signup and view all the answers

Which aspect is the focus of distribution research?

Determining the best channels to get products to consumers Signup and view all the answers

In target market analysis, what kind of research helps in determining the best channels to reach consumers?

Distribution research Signup and view all the answers

What does monitoring marketing performance involve?

Tracking data collected at point-of-sale terminals Signup and view all the answers

Which type of research focuses on evaluating the effectiveness of different media?

Promotion research Signup and view all the answers

What does tracking social media involve in the context of marketing performance monitoring?

Tracking employee and customer satisfaction levels Signup and view all the answers

What is the primary purpose of marketing research?

To gather information for making better decisions Signup and view all the answers

What is the main difference between marketing research and market research?

Marketing research is used to collect information, while market research defines the market Signup and view all the answers

Which factor highlights the need for businesses to anticipate changes and capitalize on economic growth?

Continuous world economy changes Signup and view all the answers

What does marketing research help businesses determine?

Products to make or services to offer Signup and view all the answers

Why is creating a link to the consumer through marketing research crucial?

To provide information for making marketing decisions Signup and view all the answers

What does market research focus on defining?

The size and location of the market for a product or service Signup and view all the answers

What is the primary focus of the marketing concept?

Being more effective than competitors in creating, delivering, and communicating customer value Signup and view all the answers

What does a marketing strategy involve?

Designing the proper mix of product/service, price, promotion, and distribution system to meet consumer wants and needs Signup and view all the answers

What is marketing research?

The process of gathering, analyzing, and reporting information to solve specific marketing problems Signup and view all the answers

Why is it important to understand the wants and needs of each market segment?

To tailor products/services to meet the specific wants and needs of consumers within each segment Signup and view all the answers

What does a company's marketing strategy aim to achieve?

Meeting the wants and needs of consumers within the target market Signup and view all the answers

Why is it necessary for a company to develop the 'right' strategy?

To meet the wants and needs of consumers within its target market effectively Signup and view all the answers