market research - theme 1 (book1) Flashcards
product and market orientation primary and secondary research limitations of market research market segmentation
product orientation is an ______ looking approach to a ____ product ______ where the key focus is on ____ products can be made and the ______ process.
product orientation is an inward looking approach to a new product development where the key focus is on what products can be made and the production process.
how is product orientation informed?
by scientific research and technical development.
market orientation is an ______ looking approach to ____ product ______ where the key focus is on what ______ the consumer wants.
market orientation is an outward looking approach to a new product development where the key focus is on what products the consumer wants.
what is market orientation informed by?
by market research
what is market research?
market research is the collection and analysis of data and information to inform a business about its market.
what are 3 reasons market research is conducted?
1) identify and anticipate customer needs and wants
2) quantify likely demand
3) gain insight into consumer behaviour
primary market research involves the collection of ____ hand data that did not _____ before.
primary market research involves the collection of first hand data that did not exist before.
secondary market research is research that has ____ been undertaken by ____ organisation and therefore _____ exists.
secondary market research is research that has already been undertaken by another organisation and therefore already exists.
what are 3 examples of primary market research?
1) surveys and questionnaires
2) interviews
3) focus groups
what are 3 examples of secondary market research?
1) market research organisations
2) newspapers
3) the internet
what are 3 benefits of primary research?
directly focused on research objectives, kept private, more detailed insights into customer views.
what are 3 benefits of secondary market research?
often free and easy to obtain, good source of market insights, quick to access and easy to use.
what are 3 drawbacks of primary research?
time consuming and costly, risk of bias, may not be representative
what are 3 drawbacks of secondary research?
can be out of date, not tailored to business needs, can be expensive for specialist reports.
qualitative research is the _____ of ____ to inform a company about people’s _____.
quantitative research is the collection of data to inform a company about people’s behaviour.
a _______ is a group of subjects that has been chosen from a _________ group (the _______) for investigation.
a sample is a group of subjects that has been chosen from a larger group (the population) for investigation.
what are 3 types of sampling?
random
quota
stratified
what are the 4 types of market segmentation?
demographic, geographic, psychographical, behavioural
________ segmentation occurs when the market is _____ into ______ of customers with _______ characteristics.
market segmentation occurs when the market is split into subgroups of customers with similar characteristics.
______ segmentation is identifying ______ of the market based on their _______ of income and profession.
income segmentation is identifying subgroups of the market based on their levels of income and profession.
behavioural segmentation ________ subgroups based on their ______ patterns of the ______ rather than their ________.
behavioural segmentation characterises subgroups based on their behavioural
patterns of the consumer rather than their characteristics.
__________ segmentation identifies ___________ of the population based on their _______ profile or __________
Demographic segmentation identifies subgroups of the population based on their demographic profile or characteristics.
Geographic ______ defines the market based on where people ______ e.g; regions, _______ or neighbourhoods.
Geographic segmentation defines the market based in where people live e.g regions, cities or neighbourhoods.
psychographic _________ is _______ people _______to their ________ opinions and _________.
psychographic segmentation is grouping people according to their attitudes, opinions and lifestyles.
what are 3 benefits of market segmentation?
1) advertising can be targeted at specific market segments so spend is more effective.
2) helps firms improve their products and customer service.
3) new products can be easily identified.
what are 2 drawbacks of market segmentation?
1) can be hard to target once segmented.
2) trends and consumer tastes are always changing
