1.1.2 Market Research Flashcards
what is product orientation?
product orientation is when a business develops products based upon what it is good at doing.
what is market orientation?
market orientation is when a business responds to customers needs and wants.
what is primary research?
primary research is when someone creates/collects their own data. This can be through surveys/ questionnaires etc.
what is secondary research?
secondary research is when someone collects old data. This can be through Google, other data sets.
what are the limitations to market research?
some of the limitations can be: unreliability, biased answers, time-consuming.
How has ICT helped with market research?
ICT has developed quickly over the years and helped business with market research. ICT has made it that businesses can build websites which collects data.
what is market segmentation?
market segmentation is the process of diving groups of people based on characteristics/ demographics.
