Market Research Flashcards
what is product orientation?
When a business focuses its efforts in creating the product rather than responding to the needs of the market.
2 examples of product-orientated companies
- Apple (envisioned their product before their customers knew they needed it)
- Netflix
what is market orientation?
prioritizes identifying the needs and desires of consumers and creating products that satisfy them
2 examples of market-oriented companies
- Amazon
- Starbucks Coffee
What is primary research?
Data gathered first-hand that are specifically designed and obtained for a specific business
3 examples of how to conduct primary research
- interviews
- focus groups
- surveys
2 pros and 2 cons of primary research
Pros:
- up-to-date
- ownership of the data
Cons:
- costly
- time-consuming
what is secondary research?
The use of information about the market that can be obtained from existing sources
3 methods of secondary research
- internet
- archives
- libraries
2 pros and 2 cons of secondary research
Pros:
- faster
- cheaper
Cons:
- quality of researcher
- not specific to researchers needs
what is qualitative research?
Data based on investigating consumer’s attitudes and opinions.
2 methods of qualitative research
- observations
- focus groups
what is quantitative research?
Market research using numerical measurements to establish consumer preferences
2 methods of quantitative research
- questionnaires
- surveys
benefits of market research
- maintains a customer-centric approach
- identifies opportunities for growth
- stay on top of trends
- reduce risks by testing concepts
