BLOGGER
Jake
Sheppard
Explain
marketing research process.
Step 1. Define the Objective & Your Problem
Step 2. Determine Your Research Design
Step 3. Design & Prepare Your “Research
Instrument” (data sources)
Step 4. Choose your data collection methods
Step 5. Create a sample
Step 6. Determine your set deadlines and budget
Step 7. Undertake your research
Step 8. Analyse and evaluate
3 secondary data
sources for both internal and external
External
General business sources
Government sources
Computerised database (directory)
Internal
Accounting records
Internal records
Balance sheets
3 primary data
sources
Raw data
Journal articles/diary entries
Photographs
Choose a primary
data source
A diary is
a record with discrete entries arranged by date reporting on what has happened over the course of a
day or other period. It is a primary source of data because It’ from an
original source instead of a copy or from someone else who read it.
The advantages of using a primary source (original) of data
is, it will not be incorrect or warped by a secondary source. They allow you to
develop critical thinking skills, and they expose you to multiple
perspectives on great issues of the past and present.
May not be a thoroughly objective source; may
not consider other views or perspectives on the same event, May be difficult to
read (handwriting may be difficult to decipher) words or phrases may be
unfamiliar and their meanings may have changed over time.
The author is usually no longer living and thus cannot be consulted for
verification.
Micro-environment
A Micro-environment is the specific or the
task environment of a business which affects it’s working or operations
directly on a regular basis.
1. No
organization can survive without customers and consumers. A customer is the one
who buys a product or service for the consumer who ultimately consumes or uses
the product or service of the organization.
2. An
organization refers to a group of all individuals working in different
capacities and the practices and culture they follow.
3. Market
refers to the system of contact between an organization and its customers. The
firm should study the trends and development and the key success factors of the
market.
4. The
suppliers refer to the providers of inputs, like raw materials, equipment and
services, to an organization. Large companies have to deal with hundreds of
suppliers to maintain their production.
5. Intermediaries
include agents and brokers who facilitate the contact between buyers and
sellers for a commission. They may exert a considerable influence on the
business organisations as, in many cases, the consumers are not aware of the
manufacturers and their products. Hence, manufacturers use intermediaries to
reach out to consumers.
List and describe the four categories of
competitor environment
1. Monopolistic Competition
Monopolistic Competition is a type of imperfect
competition such that many
producers sell products that are different from one another (branding or
quality) and hence are not perfect subs
2.
Oligopoly Competition
In an oligopolistic market, each seller
supplies a large portion of all the products sold in the marketplace. In
addition, because the cost of starting a business in an oligopolistic industry
is usually high, the number of firms entering it is low.
3.
Monopoly Competition
With Monopoly competition there’s only one seller in the market. The
market could be a geographical area, such as
a city or a regional area, and doesn’t necessarily have to
be an entire country.
4. Perfect competition
Perfect competition describes a market
structure, where a large number of small firms compete against each other. In
this scenario, a single firm does not have any significant market power.
Define
and provide an example from my experiences
(A) Perfect
competition
Personal Example;
My dad smokes so and he can never decide between camel and Marlboro cigarettes
(B) Monopoly
Competition
Personal
Example; Luxottica is an eye glasses producer and I happen to have a pair.
(C) Oligopoly
Competition
Personal
example; My dad owns a Ford truck. Ford manufactures a majority of products in
the auto industry.
(D) Monopoly
Competition
Personal
Example; YKK is the worlds largest zipper manufacturer and makes more than 50%
of all the zippers, I am currently wearing a shirt with a YKK zipper.
List and describe
Porter’s five forces
The threat of
industry:
competitors can
enter from an industry, channel, function, form or marketing activity. How can
the company best deal with it.
Supplier Power:
What is the power
of suppliers in this industry? How will their actions affect costs, supplies
and developments? If there are few suppliers, power is in their favour and cost
of switching may be prohibitive; vice versa for a situation with lots of
suppliers. There may be too many buyers from to few suppliers.
Buyer Power:
There may be few
buyers for the product, which could mean that they would drive down prices and
dictate business terms. What is their effect on the business? If there are many
buyers, sellers could decide not to supply to a few, because other buyers will
step in.
Threat of
substitutes:
Can another
substitute the product? Tea for coffee; email or fax? What is the most likely
possibility of this and what is its impact.
Competitive
rivalry:
All the four forces
may come together to produce this force. All the resources at the company’s
disposal may be put in to maintain market shares and sales. How intense is
competitive action, can it be countered?
What is a macro-environment and list
5 elements
A macro environment is the condition that exists in the
economy as a whole, rather than in a particular sector or region. In general,
the macro environment includes trends in gross domestic product (GDP), inflation, employment,
spending, and monetary and fiscal policy. The macro environment is closely
linked to the general business cycle as opposed to the performance of an individual business
sector.
1.
Laws and Politics
2.
Economy
3.
Technology
4.
Demographics
Social Values
