1) Explain the difference between primary research and secondary research.
2) Market research will give you the data you need to identify and reach your target market at a price customers are willing to pay. Explain a product that you think is properly priced for the value it offers?
3) Now explain a product that is not properly priced for the value it offers. 3 new sentences.
4) Market research will identify trends that affect sales and profitability, Population shifts
5) Legal developments, the local economic situation should be monitored to quickly identify problems and opportunities. What area would you target for marketing if you were to create a product and why?
6) Small business owners have a sense of their customers' needs from years of experience, but this informal information may not be timely or relevant to the current market. Explain why this is the case.
7) Your market research budget is a portion of your overall marketing budget. What else is going to be included in a marketing budget?
8) Explain the difference between open ended questions and closed ended questions.
9) Why would a marketer want more open-ended questions than closed-ended questions?
From week 2 Ethics presentations
10) Explain the role of the FTC (Federal Trade commission) in regards to marketing. What is their role and what should a company be aware of related to the FTC? You may need to go to www.ftc.gov for more information.
11) Explain marketing ethics in your own words.
12) Explain the difference between deceptive pricing and unfair pricing in your own words?
13) Explain the difference between price discrimination and price fixing in your own words?