Questions and Answers
What is the primary purpose of identifying potential customers in market research?
What do businesses aim to understand about existing customers through market research?
What is the benefit of understanding who influences a customer's buying decision?
What is the significance of understanding what magazines customers read and what websites they visit?
Signup and view all the answers
What is the ultimate goal of market research?
Signup and view all the answers
What is one of the benefits of market research in terms of business growth?
Signup and view all the answers
What is a potential outcome of identifying business problems through market research?
Signup and view all the answers
What is a potential application of market research in business expansion?
Signup and view all the answers
What is a potential outcome of conducting market research in terms of new business opportunities?
Signup and view all the answers
What is a benefit of using market research to make informed marketing decisions?
Signup and view all the answers
Study Notes
The 7Ps of Marketing
- The 7Ps of marketing are essential elements to consider when developing a marketing strategy.
Market Research
- Market research is crucial in identifying potential customers, understanding existing customers, setting realistic targets, developing effective strategies, examining and solving business problems, preparing for business expansion, and identifying business opportunities.
Importance of Market Research
- Identify potential customers: determine who will use the product/service, their age, gender, marital status, education level, and location.
- Understand existing customers: understand why they choose the product/service, what they value, who influences their buying decisions, and what media channels they use.
- Set realistic targets: set targets for growth, sales, and introduction of new products/services based on collected information.
- Develop effective strategies: make informed decisions on pricing, distribution, media channels, and product/service development.
- Examine and solve business problems: identify and solve problems, such as declining sales, by conducting research.
- Prepare for business expansion: identify areas for expansion and test the market's readiness for new products/services.
- Identify business opportunities: discover new or under-serviced markets and identify opportunities for growth.
Brand Name
- A brand name is an essential aspect of marketing, but its significance is not elaborated on in this text.
Marketing Management Practices
- No specific marketing management practices are discussed in this text.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the 7Ps of marketing, market research, brand names, and marketing management practices. Test your knowledge of entrepreneurial behavior and competencies.
