Exam (elaborations)
MNM2604 ASSIGNMENT 2 SEMESTER 2 OF 2022
- Institution
- University Of South Africa (Unisa)
Detailed memo guaranteed distinction
[Show more]
Content preview
, QUESTION 1Introduction:
It is said that each buyer is potentially a separate market with unique needs and wants.
Ideally, a seller should design a separate marketing program for each buyer as each client
accounts for a significant portion of the company’s business, but most sellers do not find it
worthwhile to customize their product for each specific buyer. Instead, the seller looks for
broad classes of buyers who differ in their product needs. When a marketer does this he/she
tries to segment the market on certain common basis or divide the market on some common
elements. This is known as segmentation. This report will discuss various ways to gather
data, identifying intended customers and their specific needs using primary research
methods techniques, micro segmentation strategy and, product and process innovation
strategies
Primary research method
Primary research method is a customized research technique to pull data directly from the
sources or potential customers of a company. Primary market research aims to collect
customer feedback from every aspect like socially, emotionally, culturally, rationally,
economically, etc. It aids in probing deep into specific areas of business, evaluates the
demand for both new and existing products and services, analysing improvement areas and
more drawing compact inferences. (Smith, J. K. 1983)
Based on statistical methodologies, primary research proves to be very effective for a new
product launch. You can conduct the primary research yourself if you equip yourself with the
required tools, workforce, and deeper understanding in the area.
Methods or techniques of primary research and how Dial-a-Surprize employed these
methods:
Market Research Surveys:
This is a process of gathering data from and about the target markets, analysing the data,
and drawing conclusions that can be used to launch products, improve services, or identify
markets to enter. The technique gathers data that includes demographic information such as
age and income, social norms, preferences, attitudes, and more (Robson, 2001). Dial-a-
Surprize mainly uses online According to the case study, the research found that the Dial-a-
Surprize general consumer fits within the 6–10 SAARF Universal Standards (SU-LSMs)
groups. This is example of the market research survey done by Dial-a-Surprize.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ian09. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R200,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80364 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now