Download MODEL ANSWER FOR MARKETING TEST NUMBER 1

DIPLOMA IN BUSINESS
(MARKETING)
[MODEL ANSWER FOR MARKETING TEST NUMBER 1]
MODEL ANSWER
ANSWER TO SECTION A
NO ANSWER
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ANSWER TO SECTION B
NO ANSWER
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DIPLOMA IN BUSINESS
(MARKETING)
[MODEL ANSWER FOR MARKETING TEST NUMBER 1]
ANSWER TO SECTION C
1. Differentiate between primary and secondary market research
ANSWER= Primary market research is factual, firsthand accounts of the study written by a
person who was part of the study (typically original research).
Secondary market research is as an analysis and interpretation of primary research (interpretation
of primary research done by someone else)..
2. Give an example of a qualitative and quantitative market research.
ANSWER= An example of qualitative market research= focus group
An example of quantitative market research= survey
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DIPLOMA IN BUSINESS
(MARKETING)
[MODEL ANSWER FOR MARKETING TEST NUMBER 1]
ANSWER TO SECTION D
1. Explain SIX (6) reasons behind the implementation of marketing research
ANSWER
1. Market research centres your business on your consumers
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Work hard at understanding and continuously meeting and/or exceeding
consumer and customer needs.
2. It keeps you focused
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When used properly, marketing research should can depicts on what’s most
important to consumers and help in prioritizing and maximizing ones’ time
effectively. It can inform both ones’ short-term and long-term marketing
playbook, helping ones’ feel less frazzled and overwhelmed in the long run.
3. It allows you to pursue the most lucrative growth opportunities
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Marketers want to grow their business, but we are not always clear on which is
the right path to do so. Marketing research can help people to weigh and quantify
opportunities to prioritize those with the highest revenue potential for your brand.
4.
It keeps you relevant and future-oriented
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Conducting regular research with consumers and customers enables people to
make sure that they are constantly adapting and evolving our brands to meet longterm needs. While focusing on maximizing short-term results is easy, focusing
too much on the short-run limits brand’s longevity and relevancy in the future. If
we aren’t keeping up with consumer, and product and category disruptions,
someone else will.
5. It improves decision-making capabilities and reduces risk.
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Market research can provide insightful information about your market, product,
audience, competition, and more. By having research to backup marketing
decisions, companies can optimize their brand strategy choices and minimize
their risk for failure.
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DIPLOMA IN BUSINESS
(MARKETING)
[MODEL ANSWER FOR MARKETING TEST NUMBER 1]
6. It can be used for publicity stunts for companies
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The business needs to collect data to share as "news" to maintain relevancy
and interest among the press and/or investors
2. Company ABC is designing a new health-based food product. Before launching the
product, Company ABC is planning to conduct a survey with its current as well as its
potential customers, in regards to asking their opinions about the new product. Prepare
TWELVE (12) samples of questions that you can utilize for the survey purpose.
ANSWER
1. What do you like the most about our new product?
2. What changes would most improve our new product?
3. What do you think about the pricing of the product?
4. What do you think about the packaging of the product?
5. What do you like most about competing products currently available from other
companies?
6. What changes would most improve competing products currently available from other
companies?
7. What would make you more likely to use our new product?
8. If our new product were available today, how likely would you be to recommend it to
others? (Options: Extremely likely, Very likely, Moderately likely, Slightly likely, Not at
all likely)
9. If you are not likely to use our new product, why not? (Options: Do not need a product
like this, Do not want a product like this, Satisfied with competing products available,
Cannot pay for a product like this, Not willing to pay for a product like this)
10. How important is price to you when choosing this type of product? (Options: Extremely
important, Quite important, Moderately important, Slightly important, Not at all
important)
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DIPLOMA IN BUSINESS
(MARKETING)
[MODEL ANSWER FOR MARKETING TEST NUMBER 1]
11. Overall, are you satisfied with your experience using our new product, dissatisfied with
it, or neither satisfied or dissatisfied with it? (Options: Extremely satisfied, Quite
satisfied, Somewhat satisfied, Neither satisfied nor satisfied, Somewhat dissatisfied,
Quite dissatisfied, Extremely dissatisfied)
12. If our new product were available today, how likely would you be to use it instead of
competing products currently available from other companies? (Options: Extremely
likely, Very likely, Moderately likely, Slightly likely, Not at all likely)
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