Market Research Essay Questions

Market Research Essay Questions

Marketing

Short Questions

Question 1

  • Market Research- It is the procedure used to calculate the feasibility of a new product or service via research carried out directly with prospective clients. In simple terms, it means finding out customers’ opinions concerning a particular product or service and whether they are interested before launching it into the market. Market research is done either through client observation, focus groups, interviews, or surveys.
  • Consumer Research- It is part of market research, which mostly looks into the purchasing habits, motivations, and inclinations of a specifically identified target group of customers. Consumer research helps understand consumer psychology and create specific client purchasing habit profiles (Payne et al., 2017). Consumer research uses either qualitative or quantitative methods of research.
  • Brand Research- It is an indispensable technique of establishing and ensuring that a brand remains relevant in the market. It is also a procedure for gathering formal statistics and empirical exploration that analyzes the reputation and visibility, which helps in understanding the marketplace and the brand’s role in that market. Brand research helps identify what sets a brand apart from other competitors and potential clients.
  • IMC Research- Integrated Marketing Communications (IMC) is a concept that ensures that messages and communications of all forms are carefully integrated. IMC integrates all the necessary promotional tools for them to work harmoniously with one another. This approach (IMC) ensures that consumers interact with the enterprise or brand.
  • Strategic Research- This type of research is wired to help develop and decide the fundamental plan for an advertising campaign or brand; its stand, the prospected offers to consumers, its ability to stand amid competition, and other challenges.

Question 2

  • Market Segmentation- The first step in this process is grouping potential consumers into small segments. Second, grouping products or services into different categories. Third, developing a market-product framework and approximating the market sizes. Fourth, choosing market targets, and lastly, taking the appropriate marketing actions to reach out to the target market.
  • Market Targeting- This strategy entails subdividing the market into small segments and wiring products or services to fit each specific segment (Camilleri, 2018). This type of marketing strategy focuses on the customer’s needs and wants. Market targeting is a strategy that ensures a company focuses on the most profitable segment.
  • Market Positioning- The first step entails pinpointing the likely competitive advantages. Second, selecting competitive advantages or coming up with a positioning plan. Lastly, communicating an organization’s positioning or competitive advantages.

Question 3

Rational Selling Premises

  1. Promise- This explains the benefits that a consumer will get when they buy a product or service.
  2. Unique selling propositions (USP)- It focuses on a unique benefit that a client gets and the importance of a specific product or service.
  3. Reason to believe/why- This rationale focuses on the logic behind purchasing a product or service. The consumer must be convinced to believe that the product or service is good for them and why it is good for them.
  4. Benefits- This strategy is used to explain what the product or service does for a consumer.

Question 4

Common Message Approaches

  1. Brand image- This strategy delves into creating a psychological connection between clients and a product/brand. This strategy gives a personality to a brand. For example, a company such as Johnson and Johnson used the concept of “love” as a brand image.
  2. Positioning- This approach looks to portray a brand as the best compared to other competitors.
  3. Generic- The strategy here is to sell a specific category instead of a brand. For example, a dentist may decide to advertise teeth whitening rather than the whole package of dentist services (Phillips, 2021). Eventually, many clients will flock in for teeth whitening services and other dentistry services.
  4. Emotional- This approach solely focuses on using feelings to sell. It provokes the emotions of consumers to get them to buy products or services.
  5. Preemptive- This strategy follows the first topreempt about a service or product to its clients. This approach is more thorough as there are other competitors as well.

Question 5

Steps in the Classic Creative Process

  1. Preparation- At this stage, there is the absorption of information and researching, which mostly takes place in a quiet environment, away from any distractions.
  2. Incubation- This stage may take longer than any other stage as it is a period in which the information gathered in the preparation stage is carefully nurtured.
  3. Insight- This is the Eureka/light bulb moment whenan idea hits the mind. This mostly happens when one least expects it; it comes when one is not even thinking about it at all.
  4. Evaluation- At this stage, there is the careful selection of the most viable idea, which may be very challenging.
  5. Elaboration- At this stage, the work begins. A lot of testing takes place at this stage.
  6. Completion- This is the final stage where the end product is completed and presented to other people/concerned parties.

Long Questions

Question 1

5 Ways Research is used in Marketing Communication Planning

  1. To understand how to grab the attention of their target audience.
  2. To help understand potential customers in the marketplace.
  3. To help find out, describe, predict and explain consumer behaviors.
  4. To help keep up with emerging trends in the market (Chaddock, 2020).
  5. To evaluate the success of a marketing campaign.

Question 2

Market research is the most suitable type of research in this case as it will help Cover Girl understand consumer behavior, such as how they purchase and use cosmetics. With this information, Cover Girl can wire its products to meet the needs and wants of its prospective clients.

Question 3

  1. Strategic Research, this type of research helps a company understand its competitive advantages and how well it can stand amid competition.
  2. Consumer research can help Kraft get a deeper meaning that consumers get from competitor’s advertising because it focuses on consumer psychology. It explains why certain Advertisements move consumers.

Question 4

  1. Bob should include the incubation process. He takes time to think quietly of all the data he gathers at the preparation stage before proceeding to the insight and evaluation stages. He should also include a model/framework of the viability of his creative idea in his creative brief to the creative Department.
  2. Bob can use Market Positioning, and with this, he can pinpoint the company’s competitive advantages, come up with a positioning plan, and communicate the competitive advantages and positioning plan to the agency’s client.

Question 5

  1. The “fabric of our lives” campaign by Cotton Growers of America used the soft-sell strategy. The company used an indirect way to persuade its customers to purchase its products. The campaign never focused on the many advantages that cotton has over other fabrics.
  2. Advertising slogans. They are catchy and are used to attract consumers’ attention, and in turn, generate publicity.

References

Camilleri, M. A. (2018). Market segmentation, targeting, and positioning. In Travel marketing, tourism economics and the airline product (pp. 69-83). Springer, Cham.

Chaddock, B. (2020, April 15). How to use market research in your PR and communications strategy. V Formation. https://www.vformation.biz/benefits-of-market-research-in-communications-strategy/

Payne, E. M., Peltier, J. W., & Barger, V. A. (2017). Omni-channel marketing, integrated marketing communications, and consumer engagement: A research agenda. Journal of Research in Interactive Marketing.

Phillips, W. O. (2021, June 3). 6 Messaging Strategies for 2021. Big Buzz. https://www.bigbuzzinc.com/6-messaging-strategies-to-market-your-practice/#:%7E:text=want%20to%20send.-,In%20advertising%2C%20there%20are%20six%20messaging%20strategies%20that%20are%20most,creating%20a%20successful%20ad%20campaign.

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