Importance of Marketing Research
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Questions and Answers

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?

    <p>A process to identify and test new products (D)</p> Signup and view all the answers

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

    <p>To meet the needs of customers that are not being met or are being met poorly by competitors (B)</p> 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?

    <p>Qualitative research (A)</p> Signup and view all the answers

    What does marketing research help to identify?

    <p>Consumer problems and potential solutions (A)</p> Signup and view all the answers

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

    <p>Market segment size and growth (D)</p> Signup and view all the answers

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

    <p>Difficulty in identifying consumer problems (A)</p> Signup and view all the answers

    How does marketing research help in refining potential marketing actions?

    <p>By identifying suitable solutions to consumer problems (B)</p> Signup and view all the answers

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

    <p>Determining if the segment is growing or shrinking (C)</p> Signup and view all the answers

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

    <p>To evaluate the effectiveness of marketing strategies in reaching target markets (C)</p> Signup and view all the answers

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

    <p>Promotion research (C)</p> Signup and view all the answers

    Which aspect is the focus of distribution research?

    <p>Determining the best channels to get products to consumers (C)</p> Signup and view all the answers

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

    <p>Distribution research (A)</p> Signup and view all the answers

    What does monitoring marketing performance involve?

    <p>Tracking data collected at point-of-sale terminals (B)</p> Signup and view all the answers

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

    <p>Promotion research (A)</p> Signup and view all the answers

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

    <p>Tracking employee and customer satisfaction levels (C)</p> Signup and view all the answers

    What is the primary purpose of marketing research?

    <p>To gather information for making better decisions (A)</p> Signup and view all the answers

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

    <p>Marketing research is used to collect information, while market research defines the market (C)</p> Signup and view all the answers

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

    <p>Continuous world economy changes (C)</p> Signup and view all the answers

    What does marketing research help businesses determine?

    <p>Products to make or services to offer (D)</p> Signup and view all the answers

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

    <p>To provide information for making marketing decisions (C)</p> Signup and view all the answers

    What does market research focus on defining?

    <p>The size and location of the market for a product or service (D)</p> Signup and view all the answers

    What is the primary focus of the marketing concept?

    <p>Being more effective than competitors in creating, delivering, and communicating customer value (D)</p> Signup and view all the answers

    What does a marketing strategy involve?

    <p>Designing the proper mix of product/service, price, promotion, and distribution system to meet consumer wants and needs (A)</p> Signup and view all the answers

    What is marketing research?

    <p>The process of gathering, analyzing, and reporting information to solve specific marketing problems (A)</p> Signup and view all the answers

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

    <p>To tailor products/services to meet the specific wants and needs of consumers within each segment (A)</p> Signup and view all the answers

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

    <p>Meeting the wants and needs of consumers within the target market (A)</p> Signup and view all the answers

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

    <p>To meet the wants and needs of consumers within its target market effectively (C)</p> Signup and view all the answers

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