1.1.2 - Market Research Flashcards
1
Q
What is product orientation?
A
Approach made which focuses on characteristics of product rather than needs of customers
- Creating product then find the market
2
Q
Pros of Product Orientation
A
- Fewer resources as just focus on development
- Lower costs as no market research
- Unique ideas
3
Q
Cons of Product Orientation
A
- Lower risk of acceptance as no customer needs
- Possible waste of resources
4
Q
What is Market Orientation?
A
Business finds out what demand is and then meets those needs
5
Q
Pros of Market Orientation
A
- Greater customer satisfaction
- Higher acceptance rate in market
- Customer loyalty
- More ideas generated
6
Q
Cons of Market Orientation
A
- Research can be time consuming
- New substitute products may come out decreasing revenues
7
Q
Advantages of Primary Research
A
- Up to date
- Tailored to needs of business
- Competitors don’t have access
8
Q
Disadvantages of Primary Research
A
- Time consuming
- Expensive to carry out
- May be small sample size
9
Q
Advantages of Secondary Research
A
- Available immediately
- Free/Cheap
10
Q
Disadvantages of Secondary Research
A
- Could be out of date
- Not accurate/reliable
- Competitors have access
11
Q
What is Quantitative data?
A
- Focuses on a numerical data
- Collected through questionnaires and surveys
12
Q
What is Qualitative data?
A
- Focuses on opinions and attitudes
13
Q
What is a closed question?
A
- Can only be answered from a variety of answers
14
Q
What is an open question?
A
- Questions that require more detail providing information on opinions/attitudes
15
Q
Use of Company websites
A
- Allows collection of primary data more cheaply
- Pop ups can also collect data
