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Business Theme 1 > Edexcel- Market Research > Flashcards

Edexcel- Market Research Flashcards

1
Q

Product orientation

A

Develop and make products which the business is good at

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2
Q

Market orientation

A

Business which identifies reviews and analyses consumer needs

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3
Q

Why market orientation is crucial

A

Markets are much more dynamic
Customers are becoming more demanding
Barriers to market entry getting lower

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4
Q

Primary market research advantages

A

Private
Relevant
Up to date

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5
Q

Primary market research disadvantages

A

Time consuming
Costly

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6
Q

Secondary market research advantages

A

Quicker
Low costs
Wide amount available

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7
Q

Secondary market research disadvantages

A

Not specific
Bias
Out of date

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8
Q

Qualitative advantages

A

Get depth and detail
Smaller sample size
Flexible

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9
Q

Qualitative disadvantage

A

Not representative of everyone
Bias
Can’t compare data

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10
Q

Quantitative data advantages

A

Faster
Larger samples
Can compare data

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11
Q

Quantitative data disadvantages

A

Less detailed answers
Bias
Time consuming

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12
Q

Sampling

A

Gathering of data from a sample of

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13
Q

Random

A

Large population

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14
Q

Stratified

A

Based on characteristics

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15
Q

Quota

A

Individuals represent a population

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16
Q

Sampling advantages

A

Useful research insight
Flexible and quick
Reduce risk

17
Q

Sampling disadvantages

A

Sample is unrepresentative
Bias
Market tastes and preferences change

18
Q

Using it benefits

A

Easy to learn consumer preferences

19
Q

Data mining benefits

A

Quick and automated
Data linked
Masses of data analysed

20
Q

Social media benefits

A

Highlights what customers are saying
Uncover patterns and correlations
Software application

21
Q

Pro market orientation

A

Increase brand imagd

22
Q

Con market orientation

A

Little time To involve needs

23
Q

Pro product innovation

A

Competitive advantage

Business Theme 1 (22 decks)

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