Edexcel- Market Research 1.1 Flashcards

(28 cards)

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

Primary market research advantages

A

Private
Relevant
Up to date

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4
Q

Primary market research disadvantages

A

Time consuming
Costly
Sample size may be too small

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5
Q

Secondary market research advantages

A

Quicker
Low costs
Wide amount available

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6
Q

Secondary market research disadvantages

A

Not specific
Bias
Out of date

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7
Q

Sampling

A

Gathering of data from a sample of

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8
Q

Random

A

Large population

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9
Q

Stratified

A

Based on characteristics

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10
Q

Quota

A

Individuals represent a population

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11
Q

Sampling advantages

A

Useful research insight
Flexible and quick
Reduce risk

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12
Q

Sampling disadvantages

A

Sample is unrepresentative
Bias
Market tastes and preferences change

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13
Q

Advantage market orientation

A

Increase brand image

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14
Q

Disadvantage market orientation

A

Difficult because consumer needs are always changing

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15
Q

Advantage product orientation

A

Competitive advantage

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16
Q

Disadvantage product orientation

A

May not always be successful amongst consumers

17
Q

Examples of primary research

A

Surveys
Focus groups
Interviewing

18
Q

Examples of secondary research

A

Websites
Books
Articles

19
Q

The use of ICT

A

Company websites
Databases
Social networking

20
Q

Company websites with data

A

Allow businesses to collect primary data more cheaply

21
Q

Company websites example of collecting data

A

Popups used on websites to gather information

22
Q

Databases with data

A

Used to store large amounts of customer information

23
Q

Databases example of collecting data

A

Tesco loyalty cards

24
Q

Social networking with data

A

Focuses on gathering information about consumers

25
Social networking example of collecting data
Running of quick surveys and polls
26
Market segmentation
Process in which a single market is divided into sub markets
27
Market segmentation Advantages
Recognises that not all consumers are identical Less expensive than targeting large market
28
Market segmentation disadvantages
May be to difficult to identify a segment Requires more detailed market research which can be costly