Market research Flashcards
what is a product orientation?
an approach to marketing that focuses on the on the characteristics of the product rather than the needs of the consumer
for product orientation what is the emphasis?
crating the product first and then finding a market
what are tools for product orientation?
product research, product testing, product focus
who uses product orientation the most?
investors who research, test, and produce a product well before market research has taken place
what is market orientation?
an approach to marketing that focuses on the needs of consumers and the uses this information to design products that meet customer needs
what is the result of market orientation?
the firm will benefit from increased demand, increased profits, and valued brand image as its product became more desirable
in market orientation who is at the centre of marketing desicions?
consumers
what are some tools of market orientation?
market research, market testing, customer focus
what is the aim of market orientation?
to develop products to meet needs identified by consumers during the market research process
what will effective market research help the business to achieve?
reduce risk when launching new products or entering new markets, anticipate future needs and wants of consumers, understand consumer behaviour, identify potential consumer demand, identify how much consumers are willing to pay, identify competitors
what are the two types of market research data?
quantitative and qualitative
what is an example of good market research data?
data that consists of both quantitative and qualitative research
what is primary research?
process of gathering information directly from consumers in the target market using field research methods (surveys, interviews)
what is the most widely used method of gathering primary research?
to use sampling by using surveys
how do you use sampling by using surveys?
ask a series of questions to a certain number of people
what are the results from the sample used to make?
inferences in which the results of the sample are extrapolated to be true for the wider population
how can a wide range of respondents be reached?
by using online survey tools such as SurveyMonkey
what does observation involve?
hiring someone to stand in an appropriate location and study consumer behaviour
what is an example of what researchers may observe?
the impact of packaging on consumer choice, or the impact that the particular placement of a product in a store may have on consumer choice
what is the particular structure of an interview?
questions may be set up like a survey, however, an interviewer asks the questions
what are the drawbacks of interviews?
more time consuming then other research methods
what are the benefits of using interviews in research?
allows the interviewer to ask follow-up questions and gather information that can be missed when conducting surveys
what is test marketing?
free samples are provided for a limited period to the target market to gauge their response to the product
what are the main advantages of primary research?
focuses on the needs of the business and will not be available to rivals.
in-depth information from respondents.
more up-to-date and can be used to ask specific questions.
