WorksheetsMarket Research and Customers and Competition
Total questions: 57
Worksheet time: 53mins
If conducted ____, ____, and ____, market research can assist a firm in their decision making.
appropriately
exclusively
frequently
accurately
The primary aim of market research is to
analyse competitors
reduce risk by providing information
increase profits
gain a further understanding of the market
What are some key questions to ask in the process of market research?
Have sales been met?
Who is not in my target market?
Customer reactions?
Who are customers buying from and why?
____ ____ can be expensive and time consuming but provides market improvement and competitiveness.
(a)
1. Define needs
2. Data collection
3. Analyse data
4. Interpret findings
5. Feedback to managers
6. Manager decisions
is the process of:
(a)
What is the correct order of steps for the process of market research?
1. Data collection
2. Interpret findings
3. Define needs
4. Analyse data
5. Manager decisions
6. Feedback to managers
1. Manager decisions
2. Feedback to managers
3. Data collection
4. Analyse data
5. Define needs
6. Interpret findings
1. Data collection
2. Analyse data
3. Interpret findings
4. Define needs
5. Feedback to managers
6. Manager decisions
1. Define needs
2. Data collection
3. Analyse data
4. Interpret findings
5. Feedback to managers
6. Manager decisions
The collection of information or data to better understand what is happening in the market place:
(a)
Before undertaking a new business venture, ____ ____ should be conducted to assess potential demands.
(a)
Primary market research is also known as '____ ____'.
(a)
What are some examples of primary market research?
Test models
Surveys
Observation
Previously available data
Primary market research involves (a) created information.
What are some sample types of field research?
Random and stratified random
Judgemental
Area
Convenience
What are some advantages of primary market research (i.e. field research)?
Competitors will not have access to the information
Is easy to obtain
Information will be up to date
Information that is obtained will directly reflect the individual business
What are some disadvantages of primary market research (i.e. field research)?
It can be expensive
Takes longer to obtain and can be difficult to do so
The people selected can make up incorrect statements
People may not be interested in participating in the research
Secondary research is also known as '____ ____'.
(a)
____ ____ involves using information that has already been collected.
(a)
How can secondary market research be obtained?
Government statistics
Market research companies
Newspapers
The internet
What are some advantages of secondary market research?
Information is already available
Cheap
The information is more likely to be correct that primary research
Gives an insight into what competitors are doing.
What are some disadvantages of secondary market research?
It is hard to find and access
The information may be potentially out of date
Some data can be difficult to make sense of
Data may not be relevant to individual businesses
A good whose demand is linked closely to that of another product:
(a)
Large or complex sets or patterns of data that traditional processing applications struggle to analyse:
(a)
A legal form of protection for a product or process that prevents copying:
(a)
Symbols, logos, or designs that are protected from copying:
(a)
All of the people who are relevant to the market research:
(a)
A small percentage of the target population, chosen to represent the wider views of the market:
(a)
Predicting the future:
(a)
Identifying patterns to allow for future planning and budgeting:
(a)
Today's consumers are (a) poor and information technology aware.
Customers can quickly make decisions on purchases and it is becoming more challenging for businesses to gain the (a) of potential customers.
Customer focussed businesses:
make a good first impression
Avoid queries and answering FAQs
accurately describes product or service to customers
values what customers have to say
Customer focussed businesses:
keep customers fully informed
provides different options for payment and delivery
investigate customer queries and resolves complaints
puts their employees before customers
The top 20% of your clients contribute to 80% of your profits. This is the (a) principal
By identifying the ____ of your top 20% of your customers (who represent 80% of your sales) you can find more customers with similar ____and dramatically grow your sales and profits.
(a)
A way to create a portrait of your customers to help make design decisions concerning your service:
(a)
In the process of ____ ____, customers are broken down into groups of customers sharing similar goals and characteristics and each group is given a representative with a photo, name, and description.
(a)
To profile customers, businesses should define specific groups of customers in relation to the target market and gather data on a range of elements:
Demographic and location
Buying motives
Lifestyle and behavioural patterns
Sociographic factors
Reasons for buying that are based on logic or judgement rather than emotion:
(a)
The business responds to rational buying motives with marketing that is l___, s___ f___, and highlights the benefits.
(a)
Many customers convince themselves they have rational motives to justify an (a) purchase.
Emotional buying motives have (a) influence than rational buying motives.
Reasons for making an emotive purchase (emotional buying motives):
Pride
Convenience
Security
Comfort
Businesses will respond to (a) buying motives with marketing that targets a customers feelings.
(a) buying motives respond to products that have enhanced prestige or include a sense of fantasy to allow customers to escape.
By being aware of ____ and ____, a business can keep customer loyalty.
(a)
A business that is a market leader may be able to influence (a) .
The value of identifying a ____ ____ is the chance to earn income over the time of the trend.
(a)
Some examples of recent trends in the retail sector include:
Ethical shopping
Self-service checkouts
Pay wave
Sector mixing - petrol at supermarkets
____ ____ required the business to collect information about competitors who are producing a similar good or service i.e. competitor's business profile, management, marketing, operations, resourcing, and finances.
(a)
Types of rational buying motives include:
ease of use
durability
efficiency
design or style
____ ____ requires the business to collect information about competitors who are producing a similar good or service. A lot of information may not be available in the public domain, especially if the business is not a public company.
(a)
A basic competitor profile can be developed by doing SWOT analysis.
S___
W___
O___
T___
(a)
A simple competitor analysis is a table comparing main competitors along a range of elements such as:
Location, opening hours, interior and shopfront
Promotions, price range, licenses
Perceived quality, customer capacity, street advertisements, staffing
Area, potential income, vustomer opinion
A complex competitor profile can be divided into ____, marketing, ____, human resources, and ____. For each of these, the competitor needs to be described.
running costs
financing
analysis of management
operations
What are some examples of questions asked to analyse data?
Is there a market for this product or service?
What size is the potential market?
What is the target market?
Will customers needs and wants be satisfied?
±The (a) of market research also provides important data about the market segment to the business.
What are some examples of early adopter incentives than can help improve customer relationships?
'Exclusive' early offers
Pre-ordering items and receiving a discounted price
Discounts on old products
What are some examples of customer loyalty programs than can help improve customer relationships?
Buy so many of a product, get one free (loyalty cards)
Email list of 'exclusive' offers for returning customers
A discount offered to first time shoppers
