1.1.2 Market Research Flashcards
1
Q
Product orientation
A
Strategy that focuses primarily on product development
2
Q
Market orientation
A
Strategy that focuses on meeting the demands of the consumer
3
Q
Primary research
A
Gathering data that has not been collected before
Advantage: data is unique and up to date
Disadvantage: expensive and time-consuming
4
Q
Secondary research
A
Gathering existing data from external sources
Advantage: quick and easy to collect and analyse
Disadvantage: could be biased or inaccurate or outdated
5
Q
Market segmentation
A
Dividing target markets into more manageable groups
6
Q
Quantitative research
A
Numeric and unchanging data
7
Q
Qualitative research
A
Detailed data that varies from consumer to consumer
