Berne Retail plans to introduce new private-label brands for beverages. The marketing team will undertake a survey to obtain fee
dback on these brands through a test marketing exercise. The data collected in this research study will be collated in terms of frequency of purchase and subjected to statistical analysis to determine the brands that have the potential to earn the most. The best-performing new brands will be then chosen for a full-scale rollout. This scenario is an example of _____.
Qualitative research is marked by only a deducing from the theories of others about the subject matter. While
Quantitative research method is characterised by numerical data which employs surveys and analysis of gathered data to gain first hand insight into the subject.
Note that,<u> in this scenario numerical data is involved since the data collected in the research study will be collated in terms of frequency of purchase and subjected to statistical analysis.</u>
Quantitative researches focus on mathematical and statistical data analysis. Generally quantitative marketing researches are based on polls, surveys, or online questionnaires. E.g. a customer satisfaction survey that lists options 1-5, where 5 is very satisfied and 1 is very unsatisfied. The researchers will gather the information and obtain the survey mean and normal distribution.
In this case, Berne Retail plans to carry on a survey to determine the purchasing patterns of their customers, and they are going to do it using a statistical distribution. Once the most popular brands are determined, the store will focus on selling them while leaving underperforming brands behind.
Julie is focused on the control managerial function when she measures performance and corrects as necessary. There are five types of management functions and they are planning, organizing, directing, coordinating and control. In the control stage it allows managers to determine how much or how little control over the organization and their employees they wish to have.
The fraction of the employed workers who lose their jobs each month or the rate of the job separation must be 0.07
Steady-state rate of unemployment multiply to the fraction of unemployed workers who find jobs each month. 0.125 * 0.56 = 0.07 The answer in this question is 0.07
Monopolistic competition is a type of imperfect market where there are many seller competing with each other but with differentiated products. Monopolistic competition is socially inefficient. The product variety externality implies that there is too little entry of new firms in the market.
Niche (or concentrated) marketing concentrates all of its actions and promotions on small but very specific and well defined segments of the population. A niche marketing strategy focuses on becoming a big fish on a small pond, and usually charging a higher price for the niche product. The specific needs and requirements of those "niche customers" are usually not well addressed by mass marketing actions.
