Marketing Research Fundamentals

A company should analyse its customers' needs and take appropriate measures to satisfy those needs in order to make a profit. It should also deliver the satisfaction desired by customers more effectively and efficiently than its competitors.

<p>The bakery can hold focus group discussions or conduct surveys.</p> Signup and view all the answers

<p>A list of all the elements in the target population (C)</p> Signup and view all the answers

<p>Sara Company should take out product liability insurance.</p> Signup and view all the answers

<p>Culture (E)</p> Signup and view all the answers

<p>Producer market = Producers or manufacturers buy products to support the production of their goods and services. Reseller market = Companies buy products and resell them to make a profit. Government market = Government agencies buy products to maintain their operations. Institutional market = Public and private organisations buy products to support their operations.</p> Signup and view all the answers

<p>Reduce competition (D)</p> Signup and view all the answers

<p>Market targeting (C)</p> Signup and view all the answers

<p>The characteristic of services that is relevant is inseparability, as the service cannot be separated from the service provider. The measure suggested by Charles to improve services is to install self-ordering kiosks in every outlet, which can help minimize waiting time during lunch hours, thereby addressing the problem of inseparability.</p> Signup and view all the answers

<p>A partner relationship management refers to a company's marketers working with parties inside or outside the company jointly bringing greater value to customers.</p> Signup and view all the answers

<p>Increasing product quality (D)</p> Signup and view all the answers

<p>Firstly, the company should carefully consider the feasibility of their expansion project. Secondly, they should assess their credit standard before applying for a long-term bank loan. This includes evaluating their financial solvency, profitability record, and overall financial health. Thirdly, they should explore the interest rates of various banks and choose the best option suitable for them.</p> Signup and view all the answers

<p>The salon can implement CRM with a focus on customer satisfaction and ensure effective handling of customer complaints. This involves understanding customer needs, providing personalized services, and addressing issues promptly. Regarding staff morale, the salon can offer non-monetary rewards, such as recognition, promotion, or training opportunities. It can also create a positive work environment where employees feel valued and appreciated.</p> Signup and view all the answers

<p>Human Resources (B)</p> Signup and view all the answers

<p>Marketing objectives (A)</p> Signup and view all the answers

A company should understand and meet customer needs to make a profit while outperforming competitors.

A group of customers with similar needs that a company targets.

The process of planning, organizing, implementing, and controlling marketing activities.

Analyzing a company's strengths, weaknesses, opportunities, and threats.

The company with the largest market share.

A company with a smaller market share striving to challenge the leader.

A company content with its current market share.

A company specializing in serving a small, specific market segment.

The process of setting marketing objectives and strategies to achieve them.

A written document outlining marketing strategies.

Reviewing performance, conducting a SWOT analysis, setting objectives, choosing target markets, and developing strategies.

Strategies designed to increase market share, protect existing dominance, and expand customer base.

Strategies used to gain market share from competitors.

Strategies based on imitating market leaders' successful products and strategies.

Strategies focused on customizing the marketing mix to meet the needs of a specific niche.

Organizing marketing activities based on different functions.

Organizing marketing activities based on different product groups.

Organizing marketing activities based on different geographical regions.

Organizing marketing activities based on different customer groups.

Putting marketing plans into action.

Monitoring marketing activities to ensure they are implemented as planned.

Setting performance targets based on desired outcomes.

Measuring the actual performance of marketing activities.

Comparing actual performance with planned standards.

Analysing deviations and taking corrective actions.

A type of organizational structure where product managers support each regional manager.

The marketing concept emphasizes understanding and meeting customer needs while outperforming competitors.

Marketing is crucial for businesses as it helps identify and satisfy customer needs, develop competitive strategies, build long-term relationships, and adapt to market changes.