Deck 10: Marketing Research for Entrepreneurial Ventures

Question 1

Which is of greater value to the entrepreneur, primary or secondary data? Why?

Answer 1

Secondary data: Secondary data are those data, which has already collected by some other sources. These kinds of information are less expensive to collect information on a particular market research.
Primary data: Primary data is a techniques used to collect information for marketing research process. The information is collected through direct observation and questioning methods. Primary data ensures to collect fresh information on the particular market. Several techniques can be used to accumulate primary data such as observation, surveys, and experimentation.
Primary data is greater value to the entrepreneur:
Primary data provides a greater value to the entrepreneur than secondary data because, the data is collected through direct observation and questioning methods. This helps to avoid gathering of unnecessarily information. The entrepreneur can exhaust all the essential information for the marketing research process. However, secondary provide insufficient information to the entrepreneur. Marketing decisions are made entirely with primary data. Therefore, every entrepreneur gives a greater value for the primary data.

Question 2

Identify and describe three of the primary obstacles to undertaking marketing research.

Answer 2

Marketing research:
Marketing research process involves gathering of information on a particular market. This gathered information is analyzed and certain suggestion is made on the research. An entrepreneur must know the procedures involved in marketing research process.
Following are the three primary obstacles for undertaking marketing research:
• Cost: Marketing research process is very expensive and certain entrepreneur thinks that only some organizations can afford it. This is a major primary obstacles exists in these kinds of marketing research process.
• Complexity: Marketing research process techniques mainly deals with sampling, surveying, and statistical analysis. So, it is a very complex process to execute and cannot gather necessary information on a particular market. The major difficulty is faced on the quantitative aspects because, interpretation of the data can be incorrect due to complex data.
• Strategic decisions: Every entrepreneur thinks that only major strategic decisions need to be supported through marketing research. Marketing research mainly lays both cost and complexity factors, which in turn ensure to take premeditated decisions.
Therefore, these are the three obstacles that entrepreneurs may not carry out for marketing research process.

Question 3

Describe social media marketing and mobile marketing. Be specific in your answer.

Answer 3

Social media marketing:
"Social media marketing" is a technique used for marketing purposes. These kinds of marketing create value with an event, a video, and through some other viral sources. It enables customers to promote a message themselves with multiple online social media. This marketing media face many challenges for entrepreneur as the views or users participate and encourage on their opinions. The main goal of these kinds of marketing is to create a conversation among consumers in the market space.
Mobile marketing:
Mobile marketing is a promotional activity used by entrepreneur to deliver the information to the customers. Some of the common used mobile marketing tools consist of multimedia messaging services, wireless, and mobile internet. Mobile social media marketing is the high-impact marketing tool that many companies have started to use successfully. So, mobile marketing applications allow on the creation and exchange of user-generated contents.

Question 4

Discuss some of the entrepreneurial tactics in market research that are accomplished with limited resources.

Question 5

How would an entrepreneur's new-venture strategy differ under each of the following marketing philosophies: production driven, sales driven, consumer driven? Be complete in your answer.

Question 6

In your own words, what is market segmentation? What role do demographic and benefit variables play in the segmentation process?

Question 7

Identify and discuss three of the psychological characteristics that help an entrepreneur identify and describe customers. Also, explain how the product life cycle will affect the purchasing behavior of these customers.

Question 8

What are the five steps that are particularly helpful for developing a marketing plan? Identify and describe each.

Question 9

What are some of the major environmental factors that affect pricing strategies? What are some of the major psychological factors that affect pricing? Identify and discuss three of each.

Question 10

Explain how pricing is viewed in different ways. Be specific.

Question 11

How do pricing strategies differ based on the product life cycle?

Question 12

Identify the five revenue models for social media start-ups.

Question 13

Describe the "new" marketing concept for entrepreneurs with the 4Cs.

Question 14

In your own words, what is a market? How can marketing research help an entrepreneur identify a market?

Question 15

What are the five steps in the marketing research process? Briefly describe each.