Part A
1. Marketing research process
marketing research is usually began with identifying a problem that requires feedback,
next is usually finding a way to approach the problem/ question, then designing a research project that will provide insight on the topic, and sending it out to collect data, after the data is collected it will be analyzed to determine the results and outcome of the research project.
2. Secondary data sources for internal and external
a. Published sources of data collected
ex. CBS, reports submitted to research institutions, newspapers
b. Unpublished sources of data collected
ex. records maintained by private firms, business enterprises, scholars
3.Primary field data sources
a. Surveys
b. Interviews
c. Statistical data
4. Surveys
a. Surveys are created by management and industry experts to better understand the wants and needs of their target customers in the market.
b. the advantages of surveys is that they are the perfect way for consumers to voice their opinions and provide insight for companies, the disadvantages are that generally the majority of customers are not that insistant on voicing their opinions like filling out surveys so at times the data collected isn't actually from the majority of customers but the select few who are only doing the survey for the prizes or discounts for finishing their survey.
Part B
1. Micro-enviroment meaning:
Immediate factors of a company that determines and affects it's performance, the factors include
competitors, consumers, distribution channels, suppliers, and the general public.
2. list and describe different categories of competitor enviroment
a. Monopolistic competition
Monopolistic competition is the competition of selling a similar product that is slightly different,
or at least perceived as different and serves the exact same purpose.
b. Oligopoly
Oligopoly is the competition between larger firms in a much more expensive market like airplane of automobile industries, where the limited amount of competitors due to the price of the industry try to "one up" each other in every way, for example, Ram could start a sale on their trucks for the month and ford will try and do an even better deal just to compete with Ram's sales.
c. Monopoly and perfect competitions
In perfect competition, it is just many small companies accepting the common price of their product and sticking with it since non of them are actually capable of changing the market price.
In monopoly however, its the polar opposite of perfect competition, usually when a big company
wants to squash out their competition, they can lower their prices to a point where no small company would turn a profit selling at their price, and after their competition is weeded out they can raise the price to whatever they desire. This practise is usually seen in companies for gas or electricity, where it would be pointless trying to compete with bigger companies, being that they can get their hands on the supply in a much higher quantity for a much lower price. This practise can also come in the form of a patent, where a company would be able to exclusively sell a product
or process, and no other company would be allowed to.
3. From my experiences
a. Monopolistic:Buying from one toothbrush company and another.
b. Oligopoly: When the supermarket Canada had a grand opening right across the walmart and they had to have a "redesigned" walmart opening.
c. Perfect competition: choosing which bottle of sea salt to buy
d. Monopoly: (not personal experience) hearing the news about when Martin Skrelli skyrocketed the price for the medicine that treats HIV
4. Porter's five forces
a. Threat of substitution
The threat of another company being able to replace the product for a similar/ cheaper price.
b. Bargaining power of suppliers
The power of suppliers to ask for more pay, happens when they are the only supplier, when they aren't, they have no say.
c. Bargaining power of buyers
The power of the buyers who are looking to buy the product to demand for lower prices, when there are other companies with similar products they can demand for lower prices, when the company is the only seller, the company doesn't have to care about the buyer's demands for prices.
d. Threat of new entrants
The threat to a company of another competitor entering their market.
e. Industry rivalry
The rivalry between two companies of the same industry/market.
5. Main marketing environment types
a. Micro environment
b. Macro environment
c. Intra-organizational environment
d. Global environment
e. Internal environment
6. Macro environments
The major external factors uncontrollable (but influenceable) factors that affect a companies performance.
a. Natural
b. Political
c. Legal
d. Technological
e. Demographic
by: Phil Zhao
