Theory question 104
Marketing ResearchAudu Ltd., a trading company, has just set up a committee to conduct a marketing research for the company.
(a) State five reasons that would have necessitated the conduct of the research.
(b) State five steps the committee would take in carrying out the assignment.
Show the model answer
Model answer
(a) Any five: falling sales; to know customers' needs; to study competitors; to test new products; to set suitable prices; to choose distribution channels; to measure advertising effectiveness; to find new markets; to forecast sales.
(b) In order: define the problem and objectives; plan the research (sources, methods, sample); collect the data; analyse and interpret the data; present the report and recommendations.
Explanation
Give each point as a full sentence, with an example where possible.