1.1.2 Flashcards
What is Product Orientation?
When businesses focus on creating new products that are based on their strengths rather than customer needs.
What is Primary Market Research?
Organisations collecting their own research first hand.
What is 1 limitation of Market Orientation?
limits new innovation.
What is one benefit of Market Orientation rather than product orientation.
Market orientation will 100% respond well to customers as product focuses on their needs.
3 Advantages of primary research.
Tailored to firm
More reliable
Up to date
What does demographic mean in market segment?
According to customer characteristics.
What are two types of market research data?
Quantitive.
Qualitative.
What are 4 ways of market segmentation?
Demographics
Income
Geographically
Behaviour
What is qualitative data?
Data based on peoples thoughts and opinions.
What is behaviour part in market segmentation?
Consumers overall choices towards what they pick based on what lifestyle they have.
What does geographically mean in market segment?
Customers based in different regions will have different needs.
4 advantages of secondary market research?
Cheaper
Faster
Suitable for small businesses
spot trends
What is market segmentation?
Breaking your market down into different subgroups.
What does income segment mean?
Customers different socio-economics groups behave differently.
