1.1.3 Market research

Question 1

What is market research?

Answer 1

Gathering info about consumers, competitors, and distributors within a firm’s target market

Question 2

What is product orientation?

Answer 2

When the product is the most important factor when providing products for a market

Question 3

What is market orientation?

Answer 3

The customer is the most important factor when providing products for a market

Question 4

What is primary research?

Answer 4

Research collected firsthand

Question 5

What is secondary research?

Answer 5

Research collected secondhand

Question 6

What are the 2 pros of primary research?

Answer 6

-Specific and customized
-Latest info

Question 7

what are the 2 cons of primary research?

Answer 7

-Bias
-Time consuming

Question 8

What are the 2 pros of secondary research?

Answer 8

-Low cost
-Wide availability

Question 9

What are the 2 cons of secondary research?

Answer 9

-May be obsolete
-Not tailored to own needs

Question 10

What are 3 primary research methods?

Answer 10

1- Questionnaires
2- Interviews
3-Test marketing
(selecting a specific audience to test a product)

Question 11

What are 3 secondary research methods?

Answer 11

1-Annual reports
2-News
3-Government sources

Question 12

What is quantitative data?

Answer 12

Numerical data and measuring responses

Question 13

What is qualitative data?

Answer 13

Feelings and thoughts on a product

Question 14

What is a pro and a con of quantitative data?

Answer 14

-Easy to analyze
-Limited explanation

Question 15

What is a pro and a con of qualitative data?

Answer 15

-Good understanding
-Time consuming

Question 16

What are 2 limitations of market research?

Answer 16

Sample bias
Sample size, not representative if too small

Question 17

What are the benefits of adding value?

Answer 17

-Charge a higher price
- Creates differentiation with competitors