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Business > 1.1.2 Market Research > Flashcards

1.1.2 Market Research Flashcards

1
Q

Definition of Market Orientation

A

Marketing that focuses on the needs of consumers to design a product

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2
Q

3 Key Points of Market Orientation

A

-Consumers at centre of marketing decisions
-Products will be developed to consumer needs
-Businesses will believe they will benefit from high demand, increased profit and better reputation

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3
Q

3 Tools for Market Orientation

A

-Market Research
-Market Testing
-Market Focus

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4
Q

4 Advantages of Market Orientation

A

-Reputation
-Image
-Brand
-Differentiation

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5
Q

3 Disadvantages of Market Orientation

A

-Market / Needs constantly changing
-Costs
-Unpredictable

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6
Q

Definition of Product Orientation

A

Marketing that focuses on characteristics of the product rather than consumer needs

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7
Q

3 Key Points of Product Orientation

A

-Create product first then find market
-Belief product is superior (will sell itself)
-Could be too product orientated thus creating failure to meet any consumer wants

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8
Q

3 Tools for Product Orientation

A

-Product Research
-Product Testing
-Product Focus

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9
Q

3 Advantages of Product Orientation

A

-High Quality
-Innovation
-Economies of Scale

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10
Q

3 Disadvantages of Product Orientation

A

-Neglect wants/needs of consumer
-High Competition
-Riskier

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11
Q

Definition of Quantitative Data

A

Numerical data that can be counted or measured often presented as stats or percentages

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12
Q

Definition of Qualitative Data

A

Non-numerical data often containing opinions expressing insight

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13
Q

Definition of Market Research

A

The process of gathering and interpreting data about customers to help a business reduce risk and improve decisions

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14
Q

6 Advantages of Market Research

A

-Reduces risk
-Anticipate future wants and needs
-To understand customer behaviour
-To identify potential demand
-To identify competitors
-To identify how much consumers are willing to pay

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15
Q

4 Disadvantages of Market Research

A

-Cost to collect and utilise
-Time
-Relevance to business
-How up to date is the research going to stay

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16
Q

Definition of Primary Research

A

The process of gathering information directly from consumers in the target market

17
Q

5 Examples of Primary Research

A

-Surveys
-Interviews
-Focus Group
-Test Marketing
-Observation

18
Q

3 Advantages of Primary Research

A

-Relevant to business
-Can be in-depth
-Up to date

19
Q

5 Disadvantages of Primary Research

A

-Sample size may be too small
-Bias
-May need 3rd party to analyse
-Time consuming
-Expensive

20
Q

Definition of Secondary Research

A

The collection, compilation and analysis of data that already exists

21
Q

3 Examples of Secondary Research

A

-Market Reports
-Competitor Analysis
-Government Publications

22
Q

3 Advantages of Secondary Research

A

-Already exists
-Cheaper to collect, often free
-Suitable for small business

23
Q

3 Disadvantages of Secondary Research

A

-May lack relevance
-Information may be out of date
-Expensive to purchase market specific reports

24
Q

How does a company website support market research

A

Allows businesses to collect primary data by analysing spending habits, searches and reviews

25
Q

How does databases support market research

A

Can store large amounts of customer information, such as emails to use to correspond offers

26
Q

How does social networking support market research

A

Focuses on gathering information about consumers, and can be used for quick polls and surveys

27
Q

Definition of Market Segmentation

A

The process of dividing a single market into sub markets based on common characteristics

28
Q

4 Advantages of Market Segmentation

A

-Recognises that not all consumers are identical
-Products and marketing can be targeted
-Less expensive than generalised marketing
-May increase loyalty if needs are met

29
Q

4 Disadvantages of Market Segmentation

A

-Not everyone in a segment will behave the same
-May be difficult to identify a segment
-Requires more market research
-Segments may be too small and unprofitable to cater for

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