market research

Question 1

define product orientation

Answer 1

inward looking approach to new product development focusing on what products can be made and the production

Question 2

define market orientation

Answer 2

outward looking approach focusing on what products the consumers want

Question 3

define market research

Answer 3

the collection and analysis of data and info to inform a business about its market

Question 4

what is data collected and analysed used for?

Answer 4

identify and anticipate customer needs and wants
quantity likely demanded
insight into customer behaviour

Question 5

define primary research

Answer 5

collection of first hand data that did not exist before

Question 6

give examples of primary research

Answer 6

focus groups
surveys
interviews

Question 7

define secondary research

Answer 7

research that had already been found by another organisation already exisiting

Question 8

give examples of secondary research

Answer 8

social media
government reports
newspapers