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Business Theme 1 > Edexcel- Market Research 1.1 > Flashcards

Edexcel- Market Research 1.1 Flashcards

1
Q

Product orientation

A

Develop and make products which the business is good at

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2
Q

Market orientation

A

Business which identifies reviews and analyses consumer needs

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3
Q

Primary market research advantages

A

Private
Relevant
Up to date

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4
Q

Primary market research disadvantages

A

Time consuming
Costly
Sample size may be too small

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5
Q

Secondary market research advantages

A

Quicker
Low costs
Wide amount available

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6
Q

Secondary market research disadvantages

A

Not specific
Bias
Out of date

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7
Q

Sampling

A

Gathering of data from a sample of

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8
Q

Random

A

Large population

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9
Q

Stratified

A

Based on characteristics

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10
Q

Quota

A

Individuals represent a population

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11
Q

Sampling advantages

A

Useful research insight
Flexible and quick
Reduce risk

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12
Q

Sampling disadvantages

A

Sample is unrepresentative
Bias
Market tastes and preferences change

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13
Q

Advantage market orientation

A

Increase brand image

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14
Q

Disadvantage market orientation

A

Difficult because consumer needs are always changing

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15
Q

Advantage product orientation

A

Competitive advantage

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16
Q

Disadvantage product orientation

A

May not always be successful amongst consumers

17
Q

Examples of primary research

A

Surveys
Focus groups
Interviewing

18
Q

Examples of secondary research

A

Websites
Books
Articles

19
Q

The use of ICT

A

Company websites
Databases
Social networking

20
Q

Company websites with data

A

Allow businesses to collect primary data more cheaply

21
Q

Company websites example of collecting data

A

Popups used on websites to gather information

22
Q

Databases with data

A

Used to store large amounts of customer information

23
Q

Databases example of collecting data

A

Tesco loyalty cards

24
Q

Social networking with data

A

Focuses on gathering information about consumers

25
Q

Social networking example of collecting data

A

Running of quick surveys and polls

26
Q

Market segmentation

A

Process in which a single market is divided into sub markets

27
Q

Market segmentation Advantages

A

Recognises that not all consumers are identical
Less expensive than targeting large market

28
Q

Market segmentation disadvantages

A

May be to difficult to identify a segment
Requires more detailed market research which can be costly

Business Theme 1 (26 decks)

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