Marketing Research Fundamentals

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Questions and Answers

What is the first step in the process of controlling marketing activities?

Set performance standards.

After measuring actual performance, which step comes next in the controlling process?

Compare actual performance with standards.

In a marketing department, what role does the Marketing Director play?

The Marketing Director oversees the regional managers and coordinates marketing strategies.

How should a company respond after analyzing deviations in performance?

Take corrective actions. Signup and view all the answers

What is the organizational structure of the marketing department demonstrated in the content?

It consists of regional managers supported by product managers for specific product categories. Signup and view all the answers

What are the three primary strategies employed by market leaders to maintain their competitive position?

Market leaders expand the total market, increase market share in existing markets, and protect their current market share. Signup and view all the answers

How do market challengers typically seek to gain market share from competitors?

Market challengers attack competitors' weaknesses, enhance product quality, and lower prices to attract more customers. Signup and view all the answers

In a functional organisational structure, what role does a marketing manager play?

A marketing manager oversees each specific marketing function, such as advertising, promotions, or sales. Signup and view all the answers

Identify two critical factors that influence the successful implementation of marketing activities.

The soundness of the marketing plan and the availability of required resources are critical for successful implementation. Signup and view all the answers

What is the main purpose of controlling marketing activities within an organisation?

The main purpose is to monitor marketing activities to ensure they are implemented as planned. Signup and view all the answers

What is the core idea behind the marketing concept?

The marketing concept centers on understanding and meeting customer needs effectively. Signup and view all the answers

Why is marketing considered a crucial business function?

Marketing is essential because it drives demand, builds customer relationships, and facilitates brand growth. Signup and view all the answers

List the four steps involved in the marketing process.

The four steps are: set marketing objectives, select target markets, formulate marketing strategies, and implement marketing activities. Signup and view all the answers

What is the significance of conducting a SWOT analysis in marketing planning?

A SWOT analysis identifies strengths, weaknesses, opportunities, and threats, informing strategic decision-making. Signup and view all the answers

Name two common organizational structures used for managing marketing activities.

Two common structures are functional organization and product organization. Signup and view all the answers

What role does performance measurement play in controlling marketing activities?

Performance measurement ensures that marketing activities align with set standards and objectives. Signup and view all the answers

Describe the purpose of setting marketing objectives.

Setting marketing objectives provides clear goals that guide strategic planning and resource allocation. Signup and view all the answers

What are the three steps involved in the controlling phase of marketing?

The three steps are: measure actual performance, compare it with standards, and analyze deviations. Signup and view all the answers

What primary factors should a company consider when implementing the marketing concept?

A company should analyze customers' needs and take measures to satisfy those needs profitably. Signup and view all the answers

In the context of marketing, what is a target market?

A target market is a specific group of customers who share similar needs that a company aims to serve. Signup and view all the answers

List the four steps encompassing the marketing process.

The four steps are planning, organizing, implementing, and controlling marketing activities. Signup and view all the answers

What is the purpose of conducting a SWOT analysis in formulating a marketing plan?

SWOT analysis helps identify internal strengths and weaknesses, and external opportunities and threats. Signup and view all the answers

Define a market leader and its significance in the competitive landscape.

A market leader is the company with the highest market share, indicating strong competitive positioning. Signup and view all the answers

How does a market challenger position itself against a market leader?

A market challenger competes by seeking to increase its market share and directly challenge the leader. Signup and view all the answers

What characteristics define a market follower?

A market follower is content with its market share and typically mimics the strategies of leading brands. Signup and view all the answers

Describe the role of a market nicher in the market environment.

A market nicher specializes in serving one or a few small market segments, addressing specific needs. Signup and view all the answers

Flashcards

Market leader

A company that holds the largest market share and aims to maintain its dominant position by expanding the market, increasing its share, and protecting its existing share.

Market challenger

A company that seeks to challenge the market leader by targeting their weaknesses, improving their products, or offering lower prices.

Market follower

A company that adopts a strategy of imitating the products and marketing efforts of successful market leaders.

Market nicher

A company that concentrates on serving specific, well-defined market segments, tailoring its products and marketing efforts to satisfy their unique needs.