market research Flashcards
1
Q
Product orientation
A
Business focuses on the production process and product.
2
Q
Market orientation
A
Continually identifying, reviewing and analysing customers needs
3
Q
Primary research
A
Data collected first hand
4
Q
Primary research advantages
A
- Kept privately
- More detailed insights - customers views
5
Q
Primary research dis
A
- Time consuming and costly
- Risk of survey bias
6
Q
Secondary research
A
Data that already exists
7
Q
Secondary research adv
A
- Often free and easy to obtain.
- Quick to access and use.
8
Q
Secondary research dis
A
- Can quickly become out of date
- Not tailored to business needs
9
Q
Quantitative Research
A
Collecting data that can be measured
Methods - surveys, telephone, face to face
10
Q
Quantitative Research ads
A
- Data easy to analyse
- Numerical data provides insights into relevant trends.
11
Q
Quantitative research dis
A
-Focuses on data rather then explaining
-Doesn’t explain the resins behind numerical data
12
Q
Qualitative research
A
Based on opinions, attitudes, beliefs
13
Q
Qualitative research ads
A
- Can highlight issues that need addressing e.g why customers don’t buy.
- Focuses on customer needs, wants, expectations.
14
Q
Qualitative research dis
A
-Expensive to collect and analyse
- Based around opinions - a risk
