risks and uncertainties Flashcards
risk
always that chance something could go wrong
risks are contollable
unertainities
unexpected events e.g hurricane
product orinetation
when a business focuses more on the product they are selling rather than if its what their consumers will want to buy
e.g apple
market orientation
when a business focuses more on selling products which match their consumers preferences
invest into lots of market research to find out what consumers want and will be willing to buy
considered a more modern successful approach as much less risky
can charge higher prices as tailred to what consumers want
market research definition
collection and analyisis of market information
adv of using market research
helps find out what consumers need and want
allows business to predict how miuch demand there will be for its products
tell business how much consumers are willing to pay for a product
quantitive market research
using numberical statistics
oftenn is hsown in a multiple choice questionaire
closed quesions with fixed answers
qualative makret research
allows consumers to ellaborate answerrs
opions of the consumers
open questions
answer is not restricted like quantitive
adv of quantitive research
analysis is much quicker and easier
adv of qualative research
answers are more flexible
primary research
where a business gathers new data
secondary research
using data thats already avaliable
adv of primaray research
exclusive so competiors can not benefit
specific to the purpose its needed for
dis of primary research
slow, labour intensive, expensive
adv of secondary research
easy and faster to get hold of
