Marketers make heavy use of both primary and secondary data

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1. 4-4 Marketers make heavy use of both primary and secondary data. What is the primary data? What is secondary data? What are the possible benefits or drawbacks of using each of these data types? (AACSB: Communication, Reflective Thinking)

Primary data is information collected for the specific purpose at hand. It can be obtained by observing relevant people, situations, and actions (Philip et al.,2010). For example, a food retailer may acquire primary data by evaluating possible new store locations by considering the fresh market, other retail chains, and setting the foods. However, there are benefits and drawbacks of using primary data as explained below;

Benefits (Hox et al., 593-599)

1. It is very accurate and reliable since it is usually collected directly from the source.
2. It also gives up to date information about the relevant research topic.

Drawbacks (Hox et al., 593-599)

1. It is expensive since a lot of processes are involved in collecting the data.
2. It is time spending since a lot of time is used when collecting the data.

Secondary data is information that already exists somewhere and already collected for another purpose (Philip et al.,2010). It can be obtained by sold information from different market sources and internet search engines.

Benefits (Hox et al., 593-599)

1. It is cheap since the data is acquired from an existing source.
2. It is easy to collect the data since not much time is wasted on getting relevant information.

Drawbacks (Hox et al., 593-599)

1. The date may be outdated since it is already existing and not updated.
2. The data may be inaccurate since the sources are not regulated and may be subjected to biasness.

2. 4-5 What are the similarities and differences when researching another country versus the domestic market? What research strategies might a company use to address the differences in various markets? (AACSB: Communication, Reflective Thinking)

Similarities (Joseph et al. .2016)

1. In both, there is a possibility of cultural limitations whereby there is less willingness of a particular group to share the relevant information.
2. In both, there might be inadequate infrastructure to allow efficient data collection due to factors such as limited internet access in case of online surveys.

Differences (Joseph et al. .2016)

1. The domestic market research is cheaper to conduct than research from another country market due to the accommodation cost of a researcher.
2. Domestic market research is much integrated into the country’s market compared to research from another country since there might be a difference in economic growth.

To address the differences, a company can adopt research strategies to ensure more reliable and accurate research. Some of the strategies include (Certo et al. 2012);

1. Observational research strategy. In this strategy, a company will be able to note the different qualities of relevant products in two particular countries. It can then set the quality to a level higher than the research taking the country.
2. Survey research strategy. In this strategy, the survey can reach the two countries through an on-screen questionnaire or email in open or closed-ended questions. A company will be able to gather relevant information from different sources, which will give an essential solution after analysis.

3. 5-1 Define the consumer market and describe the four major sets of factors that influence consumer buyer behavior. Which characteristics influenced your choice when deciding on the school you would attend? Are those the same characteristics that would influence you when deciding what to do on Saturday night? Explain. (AACSB:Communication; Reflective Thinking)

The consumer market is a system that allows us to buy products, goods, and goods. The items bought can be for personal use or shared. There are four major factors influencing consumer buyer behavior (Philip et al.,2010);

1. Social factors. In this factor, the consumption of a particular product is based on reference groups, family, status, and roles. A specific group may form a personal attitude or behavior to a specific product. The factor also entails the opinion of a consumer and others’ influence to acquire a particular product.
2. Cultural factors. In this factor, consumer behavior of consumption is greatly affected by buyer culture. It differs from one country to another, where religion and certain groups influence use. For instance, in Muslim regions, they don’t take pork since it is against their beliefs.

• Personal factors. In this factor, personal issues such as lifestyle, occupation, economic situation, and age influence consumer behavior. People with high income earning will tend to consume more goods than lower-income earners.

1. Psychological factors. In this, the nature of a product influences the consumption of a particular product. The influence of belief and attitude toward a product affect consumer behavior in consumption.

Personal factors influenced me when I was choosing my school. One of the factors was the education level in the institution where the level was competent and advanced. Another factor was social factors where the school has groups of my race, which is an advantage of socialization and teamwork.

When deciding on a Saturday night, personal factors such as lifestyle would influence me. This is because of personal interest and preference toward the night.

4. 5-4 Briefly describe the four psychological factors influencing consumer buyer behavior. Explain their importance to marketers. (AACSB: Communication; Reflective Thinking)

Four psychological factors influence consumer buyer behavior with its importance in each as explained below (Philip et al.,2010);

1. It involves processes such as selective attention, selective retention, and selective distortion. In selective attention, the market attracts consumer attention. In selective retention, the market retains information that can support their beliefs, whereas, in selective distortion, consumers interpret the data that supports consumer beliefs.
2. It involves different needs such as psychological, biological, and social needs. The nature of a good differs where some products are most pressing while others are less pressing. It helps marketers make unique products that can be competent and attractive to many buyers.

• Beliefs and Attitudes. It involves the attitudes and ideas that make up the brand image of a product, affecting consumer buying behavior. It helps the marketers create a welcoming image that will influence the brand of the product.

1. It involves knowing the favorable time to let a particular product in the market and the best season for the product. It helps the marketers to learn the market flow and be prepared in every season.

Works Cited

Kotler, Philip, and Gary Armstrong. Principles of marketing. Pearson Education, 2010.

Hox, Joop J., and Hennie R. Boeije. “Data collection, primary versus secondary.” (2005): 593-599.

Mondy, R. Wayne, and Joseph J. Martocchio. Human resource management. Pearson, 2016.

Certo, Samuel C., and S. Trevis Certo. Modern Management. Pearson Education, 2012.