18 Questions
What are the two dimensions used to characterize consumers in market research?
Demographic and sociological, and attitudinal
How do the methods of distribution vary according to the nature of the product?
Capital goods, industrial raw materials, and consumer products tend to have differing distribution channels
What types of prices are relevant to consider in product pricing strategy?
Manufacturer's price (FOB or CIF), landed price, average wholesale price, and average retail price
Why is it essential to analyze government policies and legislations in demand forecasting?
They can significantly influence the demand and market for a product
What is the primary purpose of identifying substitutes and near-substitutes in market research?
To assess competition and its impact on the product's market share
What is the rationale behind specifying the methods of promotion in a marketing strategy?
To tailor promotional efforts to the specific product and target audience
What is the primary consideration for selecting a suitable method for demand forecasting, and where on the Total Cost Curve is it typically found?
The primary consideration is to minimize overall costs, and the optimal region is usually in the middle of the Total Cost Curve, between simple and sophisticated statistical techniques.
What are the limitations of the 'collective opinion survey' method of demand forecasting, and why does it often result in faulty forecasts?
The limitations of the 'collective opinion survey' method include biases in opinions, lack of expertise, and poor data quality, which can lead to faulty forecasts.
How do marketers identify their customer groups, and what factors do they need to consider when analyzing their needs and requirements?
Marketers identify customer groups by analyzing their demographics, needs, and requirements, and consider factors such as size, diversity, and behavior.
What is the purpose of opportunity and issue analysis (S.W.O.T. analysis) in market planning, and what does it comprise of?
The purpose of S.W.O.T. analysis is to identify key issues and opportunities for an organization, and it comprises an analysis of internal strengths and weaknesses, as well as external opportunities and threats.
What is the relationship between demand forecasting and product pricing, and how do marketers balance these competing factors?
Demand forecasting informs product pricing by providing insight into customer demand, and marketers balance these factors by setting prices that reflect demand, while also considering cost, competition, and customer willingness to pay.
What is the role of market research in informing marketing strategy, and what are the implications of faulty demand forecasts on marketing decisions?
Market research provides insights that inform marketing strategy, and faulty demand forecasts can lead to misaligned marketing decisions, such as over- or under-stock-ing, and poor resource allocation.
What is the purpose of using a collective opinion survey in demand forecasting?
To assess consumer reaction to a company's products by gathering estimates of expected sales from sales personnel.
What are the different aspects of market research that are considered when gathering information for demand forecasting?
Various aspects of market and demand from primary and secondary sources.
What is the significance of accurate demand forecasting in the context of investment proposals?
To facilitate proper and reliable appraisal of investment proposals.
How do export incentives and import duties influence the demand for a product?
They can increase or decrease the demand for a product by making it more or less competitive in the market.
What is the role of industrial licensing in shaping the market demand for a product?
It can limit or regulate the production of a product, thereby affecting its supply and demand.
What is the significance of considering changes in selling prices and projected advertising and sales promotion campaigns in demand forecasting?
To account for potential changes in demand resulting from pricing and promotional strategies.
Understand the different types of prices, including manufacturer's price, landed price, wholesale price, and retail price. Learn about the methods of distribution and promotion for various products, including capital goods, industrial raw materials, and consumer products.
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