3.2 Market Research Flashcards
what’s market orientation?
- investigate what customers want b4 designing products
- meet customer needs
what 4 things does market orientation attempt to do?
- CREATE WANTED PRODUCTS based on what customers want
- develop BRAND LOYALTY by ensuring customer needs/wants are met
- SECURE COMP ADV over rivals by targeting and meeting a specific group of customers’ needs
- identify market and customer need changes –> 1ST TO REACT
what’s market research?
process of collecting & interpreting data about customers & comp
7 things effective marketing research will do?
- IDENTIFY customer needs/wants
- allow bus to SPOT GAP in market it could fill
- help DESIGN MARKETING MIX (4Ps) -> target diff marketing segs
- RESPOND QUICK to changes in needs
- design/develop/launch new products w/ GREATER CONFIDENCE & SUCCESS
- help REDUCE WASTED EXPENSE of products/promos likely to be unsuccessful/unpop / customers
- COMP ADV/ 1ST MOVER ADV
4 things/ groups market research focuses on?
- market size/ trends (customer no, potential M size, won sales & market sales)
- market segments (current + potential / diff needs/habits)
- customer preferences (willing price, wants, promo methods, place)
- comp (who, market share, strengths)
what are the types of data? (info market research generates)
qualitative & quantitative data
what’s quantitative data?
data from large group of respondents showing no/proportions/trends’ data within market, related to quantities
what’s qualitative data?
in-depth research for reasons why customers buy/don’t; detailed discussions/interviews exploring consumers’ attitudes w/ much less ppl
primary research def
gathering of new & OG 1st-hand info
5 types of primary research?
observation, focus groups (ask for opinions/observe reactions), experimentation (build & launch prototypes in small part of a market), questionnaire, interview
secondary data def
process of gathering data that’s already been collected/published; may exist within the bus or gathered from elsewhere
6 types of secondary data?
sales record, customer info, gov data, comp info, commercial data, other sources (media)
4 adv of primary research?
- timely, up to date
- specific- focus on topic
- unique- collects data inaccessible to others, confidential
- fast and gives quick responses
3 disadv of primary research?
- $$
- time- interview=time-consuming
- expertise- quality relies on ppl doing it
3 adv of secondary research?
- usually free (cost)
- time- easily accessible, save time gathering
- access- access to professionally collected data small firms can’t afford
