1.1.2 MARKET ORIENTATION Flashcards
Product Orientation
Business makes the product they can and want not in the way the consumer may want. Maybe used to reduce costs, no need for consumer research and innovation. Low comp environment
Market orientation
The consumer is the reason for the product, much more adaptable to changes consumers may want. used if comp is high.
How does a business choose what route they want to pursue
Depending on the nature of the product, market size , business objs, comp and who is the dominant partner in control, engineers , accountants, or marketing teams.
What are the 2 types of research carried out by a business.
Primary and secondary
What are the basics of primary research? what methods maybe used.
New data that has been collected for the sole purpose to provide info for the particular situation. Methods used are surveys, observation, interviews with consumers, test marketing.
What are the basics of Secondary research? what are the forms of data used
This is preexisting data that can be called upon in order to provide an idea of how to tackle a situation that may have occurred in the past. Wide range of financial reports gov sale figures.
What is qualitative data
This is data that is based on the feelings and the thoughts of the consumers such as the reviews and feedback given, from sales or of products
What is quantitive data
This is data that is purely based around numbers, they are less open to interpretation and much more blatant and to the point.
Market segmentation
The markets can be segmented into many groups based on geographic,demographic,behaviour psycho graphic and the benefits are that all consumers can be separated into groups so that the business can the decide what group’s of people that want to target.
