1.1.2- Market Research Flashcards
1
Q
Product orientation
A
product is the most important thing when providing products for the market
2
Q
market oreintation
A
the consumer is the most important factor when providing products for the market
3
Q
why would a firm want to collect data
A
- assess potential for a product/ service
- which promotions would best suit a launch of a new product or service
- asses competition
- build customer profile
4
Q
Market Segmentation
A
an identifiable group of individuals where consumers share one or more characteristic or need
5
Q
Social Class
A
A- upper class (professionals e.g. lawyers)
B-middle class (teachers, nurses)
C1- lower middle class (skilled non manual workers e.g. police)
C2-skilled working class (trained skilled workers e.g. plumbers, sparkies)
D- working class (labourers, farmers)
E- unskilled/unemployed (those on state benefits)
