Cima E3 Exam Question No 54

Question No 54:

What is Market research Process?

1. Problem recognition
2. Define scope of data and information needs
3. Collect data and information e.g. sampling, surveys, observation, interview etc
4. Analyse and understand information e.g. databases, summarise trends and results
5. Report and conclude for new marketing strategies    

Cima E3 Exam Question No 53

Question No 53:

Definition of Market research?
A systematic investigation of markets and accumulation of relevant data'

Cima E3 Exam Question No 52

Question No 52:

Marketing the marketing mix (4+3 Ps)?

• Product - The 'package of benefits' including guarantees, warranties and after sales service.
• Price -The pricing element includes price promotions, discounts, and periods of credit, interest free credit and payment terms.
• Promotion - The promotional mix or promotional plan is comprised of four subcategories: advertising, personal (or direct) selling, sales promotion and public relations.
• Place -Place is where the product can be purchased from e.g. distribution channels.
• People - Often referred to as the 5th P in the marketing mix, because staffs are the essential 'human asset' to support the marketing concept.
• Process - How the service is delivered or how the sale of the good is managed.
• Physical evidence - The tangible evidence that exists and that can be identified to the organisation.

Cima E3 Exam Question No 51

Question No 51:

Definition of Marketing?
The management process responsible for identifying anticipating and satisfying customer requirements profitably. Chartered Institute of Marketing (CIM)

Cima E3 Exam Question No 50

Question No 50:

Evaluating strategic options RACES?

• Resources
• Acceptably
• Coherence
• Effectiveness
• Sustainability