1.1 Market research Flashcards
Product Orientation
the focus lies on the characteristics of the product and its production process
Market orientation
the focus is on the needs of the customer and meeting them
Pros of primary research
it is up-to-date
it is specific to what the business needs
Primary market research
refers to collecting information first hand from the target customer base
secondary market research data
refers to the usage of data that Is already available
Cons of primary market research
It is more time consuming
it is costly
Pros of secondary market research
it is easy to access
cheaper to collect
cons of secondary market research
It can be out dated
there could be only a limited amount available
Market segmentation
refers to splitting the market up into sub markets based on consumers characteristics, behaviours and beliefs
demographic segmentation
division based on age,gender
socio-economic segmentation
division based on classes and income
geographical segmentation
division based on where consumers live
Behavioural segmentation
division based on beliefs and emtions consumers have on a product
