MKTG522 FINAL EXAM STUDY GUIDE

MKTG522 FINAL EXAM STUDY GUIDE



MKTG522 FINAL EXAM STUDY GUIDE

Question 1

Qualitative research is basically distinguished from quantitative research and it has numerous advantages.

Accuracy: qualitative research usually target large population, audience or focus group and these groups were asked about their subjective experience about product. However, qualitative research has its limitation on research question that only based on target group.

Hypothesis: qualitative research being from general to exploratory standpoint. This can be advantage but can also be disadvantage because it does not allow researcher to evaluate that best solution to the particular needs of consumer. Although, researchers ends up with list of most possible solutions to its research.

Efforts: qualitative research put a lot of efforts to gathered data from large population and attempt to determine best answer. This might become somewhat disadvantage as well because it need tremendous amount of work and time.

Conclusion: in qualitative research, research can draw more possible answers that it its strength. But on other side, qualitative research also face little bit disadvantage in conclusion part that can be draw from data because data assume to general population in terms of respondents.

There is no doubt that both qualitative and quantitative research has their own strengths and weaknesses. But when setting out research, it is important to understand different application of these two approaches. It is better for qualitative research need the quantitative measurement because all research requirements does not fulfill alone in it and its better to strength research conclusion.

Question 2

Well executed brand strategy gain competitive advantages over its competitors. A well executed brand strategy helps customers to identify your products. This strategy make always remains in customer mind and they prefer to buy it when make their entrance in store.

Advantages for Company from well executed brand strategy

Company can get strength in retail outlets and feel confident when they place their products.

It ensure brand make effective contribution to increase company revenue

Well executed brand strategy Ads company equity and increase its overall value.

There are numerous advantages customer can availed from well execute brand strategy in shape of

Customer always remind name of product

Customer get clear idea what they expect from company product or services

It helps customer to purchase and can take easy decision while purchasing goods.

New Product

Company can easily launched new product without any hesitation. New product might be product extension such as different size, color or version of existing product. From customer perspectives, new product of company will have same qualities and features because it associates with their existing product.

Question 3. Market segments for retail book industry that is as follow

Demographic

Gender: Male or Female

Age: 8-25, etc, younger's purchasing story books and youth purchase text books

Ethnicity and Race: African American, Hispanic, White/Caucasian, Asian etc

Life Style: adult, teen, child, or senior citizens looking to buy financial planning books

Income: Under $24,000

Education: Kindergarten school to PhD degree

Target Market

Potential target market for books store would be College and university students because there are all over more than 4000 ...