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Business Theme 1 > 1.1.2 Product and Market orientation > Flashcards

1.1.2 Product and Market orientation Flashcards

1
Q

What is Product orientation?

A

Where the business focuses on the production process and the product itself

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2
Q

What is market orientation?

A

Where the business focuses on the market, producing a product for the market

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3
Q

What does product orientation do?

A

Focus on quality of product then try’s to find a market for product

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4
Q

What does market orientation do?

A

Make a product to customer needs.
Identify,Review and analyse customer needs

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5
Q

Does market orientation increase success rate?

A

Yes

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6
Q

What is market research?

A

Collection, analysis and collation of data which enables data which businesses to identify what customers want and need in order to inform their marketing strategy.

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7
Q

Why is market research important for businesses?

A

Inform decisions
React+ prepare
Assess competition
Assess the potential demand for products

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8
Q

What is primary research?

A

Collecting data first hand

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9
Q

Name three methods of primary research.

A

Surveys
Interviews
Observations

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10
Q

What is secondary research?

A

Use of information that has already been collected.

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11
Q

What aree the two types of secondary research?

A

1.Internal
2.External

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12
Q

What are the two types of secondary research?

A

1.Internal
2.External

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13
Q

Name three methods of secondary research.

A

Annual report
News
Government resources

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14
Q

Name the limitations of market research.

A

-Past data may not be a fair indication
-Accuracy of research findings
-Financial and opportunity costs
-Reliability, bias and validity
-Dependent on ability to correctly analyse findings

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15
Q

What is market segmentation?

A

Markets divided into different sections.

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16
Q

What are the Four types of market segmentation?

A

1.Demographic
2.Geographic
3.Income group
4. Behavioral

17
Q

What is demographic?

A

Age, gender, social group

18
Q

What is Geographic?

A

Where customers are from
Easy method

19
Q

What is income group?

A

Based on the income: annual or monthly
Socio-economic group

20
Q

What is behavioral?

A

Based on consumers behaviour rather than characteristics.

21
Q

Name four benefits of market segmentation.

A

1.Could lead to USP
2.Easier to focus on customer wants
3.Advertising can be more effective
4.Allows a business to identify segments that will be more profitable and successful

22
Q

Name 4 drawbacks of market segmentation.

A

1.Can be imprecise science
2.Not always profitable
3.Markets are increasingly dynamic
4.Some customers may feel alienated

23
Q

What is Marketing positioning?

A

How individual products or brands are seen in relation to their competition by consumers.

24
Q

What is market positioning?

A

The positioning of a brand influenced by consumers and other brands

25
Q

What is market map?

A

A grid showing 2 features of a market.

26
Q

What is a competitive advantage?

A

A feature of a business that allows it to perform more successfully than others in the market.

27
Q

What should a competitive advantage be?

A

sustainable in the long term.

28
Q

How is competitive advantage achieved through?

A

Offer more for less
Offer more for more
Offer more for the same
Offer less for much less

29
Q

Name two ways to achieve competitive advantage?

A

1.Cost advantage
2.Differentiation.

30
Q

What is cost advantage?

A

Offering the same quality product but at a lower price.

31
Q

What is differentiation?

A

Superior product through offering a usp.

32
Q

What is added value?

A

The process of increasing the worth of a product by modifying them.

33
Q

Name three advantages of added value?

A

1.Charge higher price
2.Competitive advantage
3.Differentiation

34
Q

Name three ways of adding value.

A

1.Technology
2.Customer service
3.USP

35
Q

What is product differentiation?

A

Having a unique feature that makes a product stand out from other products.

36
Q

What is a USP?

A

A feature of a product that allows it to be differentiated from the others.

Business Theme 1 (13 decks)

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