1.1.2 market research Flashcards

1
Q

definition of product orientation

A

an approach to marketing that focuses on the characteristics of the product rather than the needs of the consumer

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2
Q

advantages of product orientation

A

lower advertising costs

safe brand reputation

achieve economics of scale

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3
Q

definition of market orientation

A

an approach to marketing that focuses on the needs of consumers and uses this information to design products that meet customer needs

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4
Q

advantages of market orientation

A

increased sales

always providing for needs and wants

innovative

customers want these products

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5
Q

market research (def.)

A

the objective collection, compilation and analysis of information about a market

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6
Q

primary research (def.)

A

process of gathering information directly from consumers in the target market

examples : surveys, observations, interviews, focus groups

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7
Q

primary research adv.

A

focused on the needs of the business

can get in-depth information from respondents - competitors won’t have access to information

up-to-date and relevant

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8
Q

primary research dis.

A

sample size may be too small

there may be bias/external influences

expensive and time-consuming

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9
Q

secondary research (def.)

A

the collection, compilation and analysis of data that already exists

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10
Q

secondary research adv.

A

information is already available - quicker and cheaper to collect

suitable for small businesses

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11
Q

secondary research dis.

A

data may lack relevance

data may not be factually correct

information may be out-of-date

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12
Q

market segmentation (def.)

A

the process in which a single market is divided into sub markets or “segments”

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13
Q

market segmentation adv.

A

recognises that consumers are not all identical

products can be altered to meet different needs of different groups of consumers

less expensive and wasteful

may increase loyalty if consumers feel their needs are being met - can lead to repeat purchases

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14
Q

market segmentation dis.

A

not everyone within a segment will behave the same way

may be difficult to identify a segment - consumers can belong to multiple different segments at the same time

requires more detailed market research

segments may be too small and unprofitable

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15
Q

definition of a market segment

A

a group of consumers who share similar characteristics e.g. age, lifestyle, etc.

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