Market Research Flashcards
1
Q
How do customers differ?
A
- The benefits they want
- Amount they are able to or willing to pay
- Media they see
- Time and place that they buy
2
Q
What insights are provided by effective market research?
A
- Dimensions of the market
- Competitor strategies
- Needs, wants and expectations of customers
- Market segments - existing and potential opportunities for new segments
3
Q
What is product orientation?
A
Business develops products based on what it is good at doing
4
Q
What is market orientation
A
Business responds to customer needs and wants - designs products accordingly
5
Q
Why is market orientation crucial to marketing success?
A
- Markets are much more dynamic
- Customers are becoming much more demanding
- Barriers to market entry getting lower
6
Q
What are the main sources of secondary data?
A
- Government departments
- Trade associations
- Trade and press magazines
- Competitor websites and marketing material
- Market research reports
7
Q
What are the main sources of primary data?
A
- Observation
- Postal surveys
- Telephone interviews
- Online surveys
- Focus groups
- Face-to-face surveys
- Experiments
8
Q
What is quantitative research?
A
Concerned with data and addresses question based on larger samples and is, therefore, more statistically valid
9
Q
A
