Market Research Flashcards
Product orientation
Where a firm focuses their efforts on making a product which they then try to sell.
Market orientation
Is where firms focus on identifying, anticipating and satisfying customer requirements.
Market research
Is the systematic collection and analysis of data about potential customers, competition, the economy etc.
Primary field research
Where a firm will create and invest in new research, eg survey
Secondary research
Where a firm uses old research and data to create new opportunities
Quantitive research
Usually involves secondary research to identify facts
Qualitative research
Usually involves primary research to identify opinions
Databases
Where firms electronically store information about the firm, customers, etc eg customer loyalty cards
