1.1.2 Market research Flashcards
What is market orientation?
1
- Managers take into account need of consumers before decision making (at heart)
What is product orientation?
1
- Managers focus on innovation and what firm does best, int efficiency before consumer preference
Which marketing approach may lead to greater success?
1
- Market orientation
What is primary research?
1
- Finding out info first hand
What is secondary research?
1
- Finding out info that has already been gathered
What are the advantages of primary research?
3
- Q concise to research obj
- Latest info from market place (up to date)
- Assess psychology of customers
What are the disadvantages of primary research?
2
- V expensive
- Questionnaire and interviewer bias
What are the advantages of secondary research?
2
- Often free
- Based on large-scale, reliable research
What are the disadvantages of secondary research?
2
- Info out of date
- Not tailored to own needs
What are some methods of primary research?
3
- Surveys (questionnaire)
- Observation
- Focus groups
What are some methods of secondary research?
3
- Internet
- Trade press (magazines/newspapers)
- Gov stats
What are some methods of qualitative data?
2
- Focus groups (discussion led by psychologist)
- Depth interviews (psychologist/consumer)
What are the limitations to market research?
2
- Small sample
- Sample bias
How may a small sample be a limitation of market research?
1
- ^Chance respondents who don’t reflect overall views of market = over represented in sample
What types of IT can be used to support market research?
2
- Company websites
- Social media
