1.1.2 Marker Research Flashcards
What is market research
Involves gathering and analysis quantitative and qualitative market data
- key indicator of customer needs which drives decisions across a business function
What is primary research and some positives and drawbacks of it
Research collected first hand
- specific to each business more up to date
- more costly and time consuming
What is Secondary market research and some drawbacks and benefits if it
Research that already existed
Positives: easily accessible snd s good starting point - fast and less time consuming - better quantitative data
Drawbacks: some reports can be expensive to gain access too, not specifically tailored
Whaf is product orientated business
Focused on production efficencies and the prodict itself
What is a market orientated business
Focused on consumer needs
-understanding customer and developing products that meet their needs, attitudes, characteristics
What do most successful busineses adopt
More succesful business use market orientation due to be able to succeed in a competitive market they need to meet customer needs better then competitors
What are some limitation of market research
- often biased
- small samples limit reliability
- casulaity can be hard to identify
- Collecting it is very time consuming
What are some uses market orientation?
- cash flow forecast
- budgeting
- production forecast
- product development
- workforce forecast
Define correlation
Helps a business find the relationship between two factors
Ict and market research
Can support collection and analysis in a number of ways
What is value segmentation
Is the dividing of custiners within a market into distinguishable groups based in characteristics
What is the value of segmentation
- differentiate itself from competitors
- develop and build its brand
- identify and satisfy the needs of specific group of customers
- reach customers with relevant marketing activities such as advertising
