Question

2. What steps should you follow to collect information for marketing research? 
 3. What are the 4P’s? 
 4. What are some other important factors beyond the 4P’s? 
 5. How can one “segment” the market? Why is segmentation important? 
 6. What is marketing strategy? 
 7. When dealing with “marketing reality,” what are the three questions that need to be addressed? 8. Why would a company need to forecast sales? 


Answer 1

2.

There are different steps to be followed to collect information for marketing research as follows:

A. define problem statement for that marketing research is to be conducted.

B. Define type of research design and analysis tools for the use in marketing research

C. identify methods of data collection

D. prepare questionnaire to collect the data

E. build team to interact with the respondents to collect data and build information for the marketing research

3.

4 P's are as follows:

Product - the product to be served to the target audience

Price - the pricing strategy so that it can best serve the firms and target audience

Place - the location decision where the product is served

Promotion - It is the set of promotional strategies used to promote the product.

4.

Other information beyond the 4Ps are as follows:

A. Consideration of people and related information, to whom the products are served.

B. The process used to produce the goods

C. regulatory framework under which the products are produced and catered to the consumers

D. Competition and inter-firm rivalry

Pl. repost other unanswered questions for their proper answers!