Research Methods Notes
Unit 1 - Language of Research
Types of Research
Who is buying our product?
Mean age of our customers?
Mean purchase amount of our product per customer.
Percentage of customers within Ontario
Proportion of Male ve
W12 ASG Review Answers
Question 1 variable costing
(c) Sorry bro, not gonna give you the answer to this part. Its really easy though. Just start
with the net income from part b and add or subtract the VALUE remaining in ending
inventory (400 units). Its e
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Section A: Multiple Choice Questions (80 marks)
Please use the accompanying bubble sheet to record your answers. This section
includes 80 questions.
1 Which of the following is an example of a conf
It is helpful to define the five main elements of the promotional mix before considering their
strengths and limitations.
Advertising is any paid form of non-personal communication of ideas or products in the "p
Direct marketing is concerned with establishing an individual relationship between the business
offering a product or service and the final customer.
Direct marketing has been defined by the Institute of Direct Marketing as:
Personal selling is where businesses use people (the sales force) to sell the product after
meeting face-to-face with the customer.
The sellers promote the product through their attitude, appearance and specialist product
Product Life Cycle
The product life cycle is an important concept in marketing. It describes the stages a product
goes through from when it was first thought of until it finally is removed from the market. Not all
products reach this final stage. Some con
It is not enough to have good products sold at attractive prices. To generate sales and profits,
the benefits of products have to be communicated to customers.
Promotion is, therefore, about companies communicating with customers.
A business' to
Why and what should a business advertise?
Before undertaking an advertising campaign, marketers should be able to answer two key
(1) Why are we advertising?
(2) What are we advertising?
On the face of it these seem like two fairl
The Advertising Budget
A famous comment usually attributed to Lord Leverhulme goes:
I know that half of my advertising budget is wasted, but Im not sure which half
It is notoriously difficult to measure the effect of advertising on a business
A product is defined as:
"Anything that is capable of satisfying customer needs"
This definition includes both physical products (e.g. cars, washing machines, DVD players) as
well as services (e.g. insurance, banking, private health
It is a common mistake to believe that promotion by business is all about advertising. It isnt.
There are a variety of approaches that a business can take to get their message across to
customers, although advertising is certainly an impor
Advertising is defined as any paid-for method of promotion. Advertising is the main form of
above the line promotion.
Advertising presents or promotes the product to the target audience through a variety
of media such as TV, radio, cinema, onl
Importance of market share
Why is Market Share important?
An important piece of research in the 1960's provided the basis for understanding the
importance of market share - and emphasised the implications for marketing and business
The Profit Im
Marketing Planning Process
In a small or undiversified business, where senior management have a strong knowledge and
detailed understanding of the overall business, it may not be necessary to formalise the
marketing planning process.
By contrast, in a hig
Other pricing strategies
Prestige pricing refers to the practice of setting a high price for an product, throughout its entire
life cycle as opposed to the short term opportunistic, high price of price skimming. This is
done in order to e
Market analysis - defining the market
All businesses operate in markets. But what is a market? And how can it be defined?
It is important to be careful about how a market is defined. The following key marketing
processes rely on a relevant market definiti
The UK clothing market, as defined by Deutsche Bank in their recent report, is valued at 26.9
billion. It is one of the most concentrated retail markets in Europe, with the top ten retailers
accounting for some 42% of the market.
What is mark
Setting the right price is an important part of effective marketing . It is the only part of the
marketing mix that generates revenue (product, promotion and place are all about marketing
Price is also the marketing variable t
The mission statement
A strategic marketing plan starts with a clearly defined business mission.
Mintzberg defines a mission as follows:
A mission describes the organisations basic function in society, in terms of the
products and services it prod
The link with strategy
Businesses that succeed do so by creating and keeping customers. They do this by providing
better value for the customer than the competition.
Marketing management constantly have to assess which customers they are tryi
Role of competitor analysis
Why bother to analyse competitors?
Some businesses think it is best to get on with their own plans and ignore the competition.
Others become obsessed with tracking the actions of competitors (often using underhand or
Marketing planning - introduction
A plan is a way of achieving something. Your revision plan is a way of helping to achieve
success in business studies exams. The Christmas present shopping list is a simpler example
of a plan a way of ensurin
How should brand names be chosen? Is the name important?
Marketing theory suggests that there are three main types of brand name:
(1) Family brand names:
A family brand name is used for all products. By building customer trust and
Customers and Buying New Products
Customer buying process for new products
How do customers approach the process of buying a new product? How does this differ from
the process for buying a product which the customer has bought before? What is meant by a
Cultural factors have a significant impact on customer behaviour.
Culture is the most basic cause of a persons wants and behaviour. Growing up, children learn
basic values, perception and wants from the family and other important groups.
Brand Positioning & Market Mapping
Once an entrepreneur has identified an appropriate segment of the market to target, the
challenge is to position the product so that it meets the needs and wants of the target
One way to do this is to use a ma
Buying - Introduction
An important part of the marketing process is to understand why a customer or buyer makes a
Without such an understanding, businesses find it hard to respond to the customers needs and
Marketing theory traditionally