1.1.2 market research Flashcards
1
Q
product orientation (4)
A
- inward looking approach
- key focus - what prodycts can be made + production process
- informed by R&D
- concentrate on producing high quality products + create a market for them
2
Q
market orientation (4)
A
- outward looking approach
- key focus is on what the consumer wants
- informed by market research
- adapting product to consumer needs
3
Q
market research
A
collection + analysis of data to inform a business about its market
4
Q
benefits of market research: (3)
A
- identify/anticipate customer needs + wants
5
Q
limitations of market research (4)
A
- may not be accurate
- PR = costly
- element of bias
- have to be correctly analysed
6
Q
primary data
A
first hand data (original)
7
Q
examples of primary data
A
- surveys
- focus group
- interviews
8
Q
secondary data
A
data that has already been undertaken (already exists)
9
Q
examples of secondary data
A
- stats
- newspapers
- graphs
- books
10
Q
qualitative research (2)
A
- non statistical
- gives compnay in depth insight into reasons for human behaviour
11
Q
quantitative research (2)
A
- statistical information
- inform compnay about peoples behvaiourbut not reasons
12
Q
sampling
A
allows a business to gain an insight into wants and needs of the customer (cost effect manner)
13
Q
positives of sampling (3)
A
- provide useful insights
- flexible/relatively quick
- reduce risk/cost
14
Q
negatives of sampling (3)
A
- risk of bias
- sample unrepresentative of population
- not useful in market segments (customer tastes chang frequently)
15
Q
types of sampling (3)
A
- random
- quota
- stratified
