Part A

Marketing Research Process
1.       Find the problem
2.       Find what you want to find
3.       Choose where you are going to get the data
4.       Choose how you are going to get your data
5.       Create sample
6.       Create criteria
7.       Start the research
8.       Evaluate your data

Secondary Data Sources
Internal
External
The amount of money spent by customers
Competitor information
Reviews from customers
Information from government
Find out what the trend is
Information from commercial

Primary Field Data Sources
v  Observations
v  Surveys
v  Interview
 

        Survey's advantages 



  •          Is a good option if you want to research a large amount of people
  •          Could be use to find out people’s beliefs, opinions, and attitude
  • \    It is more convenient than other data sources



Part B

Micro-Environment  (Factors or environments that affect a company directly)

Elements of the Micro-Environment
*      Customers
*      Suppliers
*      Other similar companies
*      Employees
*      Local government


Competitors’ types
Direct Competitors
Close Competitors
Substitutes
Indirect Competition
Companies that produce the same type of product as your company
Companies that produce the similar type of product as your company
Products from other companies that might substitute your product
Companies whose productions do not relate to your products

Market Structures That Relates To My Experiences

Perfect Competition - When I go buy groceries, I would normally choose the cheapest food for the same type.

Monopolistic Competition – My parents would only buy coffee from Starbucks even though Starbucks is not the cheapest option.

Oligopoly - If I had a choice between Starbucks and Old Crow Coffee to purchase a cup of coffee, I would choose Starbucks every time.

Monopoly – In PNE, a lot of restaurants took monopoly because they are the only restaurant in PNE. 

Porter’s five forces
Ø  Intensity of existing competition – How many competitors are there?
Ø  Lack of new competitors – How many competitors are coming into the competition, and how easy it is for competitors to get into the competition?
Ø  Threat of substitute – How many products could substitute your product?
Ø  Bargaining power of customers – Will the customers drop down the price of your product.
Ø  Bargaining power of suppliers - Will the suppliers increase you products’ price by giving you less supplies?

5 Main Market Environment Type
ü  Business-to-consumer markets.
ü  Business-to-business markets.
ü  Export markets.
ü  Government markets.
ü  Reseller Markets.


Macro-Environment - Business environment in general

Elements of the Macro-Environment
§  Political environment – Action made by government that may affects your business.
§  Social and cultural environment – People from different background would have different opinions on your business.
§  Demographic environment – People from different age would have different opinions on you products.
§  Technical environment
§  Legal and regulatory environment – There might be laws that affect your business.








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