Many people have participated in a market research survey
Many people have participated in a market research survey at some time in their lives. With reference to any survey that you actively participated in, discuss the questions that follow. If you have not experienced a market research survey, take a survey on the Internet:
Evaluate how effective the survey was in measuring how you felt about a product.
Explain whether you feel your response in the survey helped improve or will improve the product being marketed.
Describe how you might have gathered information differently so that the survey was more effective.
Explain why it is important for marketers to monitor current trends in marketing. How does a marketing information system identify and measure trends? How would you design a marketing information system for a product of your choice?
When Henry Ford marketed the Model T a hundred years ago, he stated customers could have any color they wanted as long as it was black. We have come a long way since then. The types and variety of cars have exploded, and now cars are available in a multitude of colors.
Identify the different segments of the automobile market.
Discuss the types of people who buy minivans, pickup trucks, sports cars, SUVs, compact cars, and luxury cars. What are the benefits for the auto companies to segment the market? Give reasons for your answer.
Determine if it is possible for a company to attract customers from one market segment into another market segment and still earn a profit. Explain why.
Martin Lindstrom wrote a book called Buyology describing how marketers use state-of-the-art medical devices to measure how brain activity changes and is stimulated by advertising. The goal is to understand how advertising directly impacts brain activity in order for marketers to develop more effective advertisements, which (theoretically) no one will be able to resist.
Assess each of these strategies and provide an example for each category.
Out of the four strategies, choose a strategy that best suits growth in a company of your choice and justify how you would use this strategy.
Sample Solution
I recently participated in a market research survey about a new type of toothpaste. The survey asked me a variety of questions about my current toothpaste, my brushing habits, and my preferences for toothpaste. I thought the survey was effective in measuring how I felt about toothpaste. The questions were well-designed and they asked me about the things that were important to me.
- Explain whether you feel your response in the survey helped improve or will improve the product being marketed.
- Describe how you might have gathered information differently so that the survey was more effective.
- Explain why it is important for marketers to monitor current trends in marketing.
- How does a marketing information system identify and measure trends?
- How would you design a marketing information system for a product of your choice?
- Demographic data about my target market, such as age, gender, income, and location
- Purchase data, such as which brands of toothpaste my target market currently uses and how often they buy toothpaste
- Media consumption data, such as which websites and TV shows my target market watches
- Social media data, such as which social media platforms my target market uses and what they post about toothpaste