Question 1 1.1) The concept of societal orientation implies that marketers should try and market in a way that is sustainable and enriching for the long-term welfare of society. The four issues marketers should consider are: environmentalism, consumer rights, ethics and social responsibility. (Johan Strydom, 2014) 1.2) • Functional benefits – Benefits of using products that can be perceived by touch, such as the screen size of a new iPhone. • Emotional benefits – These are benefits that make customers feel a sense of achievement or excitement. Example: If a customer buys a new perfume, he/she may feel more attractive. • Image benefits – These benefits are those that give customers social status and a higher self-image by using brands that …show more content…
An example of this is SA Brewery as it dominates the beer market of South Africa. (South African Reserve Bank nd) An Oligopoly is a market state where a small number of firms own a large part of the market share. An Oligopoly usually has high barriers to market entry. The number of firms in an oligopoly must be low enough for the actions of one firm to significantly impact the others. (Investopedia nd) An example of an Oligopoly would be the infamous rivalry between Coca Cola and PepsiCo. Monopolistic competition is characterised by a large number of firms marketing similar but slightly different products. It contains characteristics from a monopoly as well as from perfect competition. Consumers have many substitutes to choose from in this market structure. An example of this would be the breakfast cereal industry. (J Strydom 2014) Perfect competition is a market state where there are a sufficient number of buyers and sellers so that all elements of a monopoly are absent and the market price of goods and services are beyond the control of individual buyers and sellers. E.g Farmers selling fruit in South …show more content…
Data already exists and was either previously produced by the business or by an outside source. Primary data takes more time and is relatively expensive to collect, but the data is usually more relevant to the business. Secondary data is cheaper and easier to obtain, but may be less reliable (or relevant) than primary data. 4.3) Formulate the research problem and objectives – In this step the marketing manager must precisely identify the true problem that the organisation is faced with, determine what needs to be achieved and decide on the type of research that must be conducted. Create the research design – The research design is used to plan the research that must be conducted. It specifies how the data will be collected, processed and analysed. Collect, process and analyse the data - In this step the data is collected and processed. The researcher must analyse the data and put it into a format that is easy for the decision maker to interpret. Communicate information to the marketing decision maker – In this step the researcher communicates the results to the decision maker in the form of a report. From there on, conclusions and recommendations are
As a result of searching the existing literature, the researcher was able to obtain data that correlated exceptionally well with the research topic. Indeed, the researcher gathered pertinent information from secondary sources; however, the primary sources of data were needed to draw a logical conclusion of the research at hand. So, the next step was major section III, Research Methodology. Being
One is to “articulate the research problem and objectives”. Two is to “develop the overall research plan”. Three is to “collect the data or information”. Four is to “analyze the data or information”. Five is to “present or disseminate the findings”.
Unit 04 – Marketing Principles _ REDO Task One 1.2 Evaluate the benefits and Costs of a Marketing Orientation A marketing orientation is a business philosophy whereby a company’s primary focus is about learning the known and undiscovered needs of its customer market and attempting to provide it for them. this generally opposite a product or engineering orientation in which the company’s primary focus is on product research and development. 1.
In addition primary and secondary sources are used to fortify the message being out forth. Food Inc. prominently focuses on secondary data from statistics and gathered evidence from factories and factory
Qualitative research design helped me identify my goals by consulting available research literature that is appropriate to my topic. The design decisions are explained and justified because my research question is based on prior research experiences. This design allows me to collect and analyze the data outcomes. 4. Is the design appropriate, given the research question?
a. What is the research idea? a. This research will examine how being exposed to technology eg. Cellphones, tablets, and computers at a young age effect how children learn throughout a portion of their childhood. Beginning at infancy stage (2-3 months) to preschool age (2-5 years).
Research Method: I did a survey for my study, which is a quantitative reseach method. Research Design: I did a survey to find my results. I asked people if they chewed gum every day and if they were organized. Sociology Articles Article #1: Who are the Biggest Gum Consumers? The first article I read showed the percent of people in age groups that chewed gum, and was defined in age groups (shown
Market Structure - Oligopoly Oligopoly is a market structure whereby a few number of firms owns a lion’s share in the market. This market structure is similar to monopoly, except that instead of one firm, two or more firms have control in the market. In an oligopoly, there are no upper limits to the number of firms, but the number must be nadir enough that the operations of one firm remarkably influence and affects the others (Investopedia, 2003). The Walt Disney Company is categorized under an oligopoly market structure.
What and why of a monopoly market: A pure monopoly is established when a single supplier is dominant in the market. For the purposes of regulation, monopoly power exists when a single firm controls 25% or more of a particular market. Essentially, monopoly is formed when a firm exerts exclusive ownership of a product that is either scare is nature or the quality produced is so supreme in comparison to others in the market, that the entire economy depends of the said firm to satisfy its needs of the product.
In addition, the data is needed to designate the problem of research. In this study, the questionnaire is used as the source of primary data. The questionnaires is consists of 30 questions that is related to the study. b) Secondary Data Secondary data is information gathered from previous study or researchers as references. It may come from various external sources including the newspaper, articles, journal and book.
Data Scientist Scenario Task Background Hobsons collects a lot of data from prospective international students for the purpose of understanding why they choose a certain university. By doing so, Hobsons hopes to improve conversion rates. The data is collected from online surveys and other possible sources. Variables can be either quantitative or qualitative such as nationality, country of residence, age, gender and more.
The meaning itself is “competition amongst few” It’s is a state of limited competition, in which a market is shared by a small number of producers or sellers. It’s a type of imperfect competition wherein there are few sellers dealing either in homogenous or differentiated products. This is also the most common market structure in most of the countries. Features of Oligopoly are as follows – a. Existence of few sellers - Few sellers dominate the entire industry and influence the prices of each other greatly thus controlling the market. b. Restrictions in entry – In an oligopolistic market businesses cannot easily enter the market.
Secondary data can be general and vague and may not really help companies with decision making. 2. The information and data may not be accurate. The source of the data must always be checked. 3.
The Core Competencies of Effective Business Consulting Services The art of business consultation is a more nuanced and subjective process than some may realize at first glance. There are plenty of standard practices that industry veterans continue to use, but most consulting firms view and define them differently. Each consultation job is a different case, and there’s no single process that works for every client. There are, however, more enlightened ways to view the fundamentals of effective business consulting practices. Common Views of Business Consultation
Kumar (1999), state that the process of collecting, analyzing and interpreting the information to provide solution to question is called as research. Therefore, it is necessary for the researcher to find the most suitable research approach to collect the data in order to provide the solution for the problem. In any type of research study, it is important to select the best research approach this is because unsuitable of research approach will bring the negative impact to the result such as invalid result (Kartikeya, 2014). Clarke R.J (2005) classified that they are two type of research approach which are quantitative and qualitative method.