Session 6 and 7 - Orientation and research Flashcards
Define marketing
the management process responsible for identifying, anticipating and satisfying customer requirements profitably
What is a market orientated approach
Research customer needs and launch a product to meet their needs
What is a product orientated approach
The product is the most important factor when providing products for a market
Examples of product orientation
innovative products at apple and dyson
What does a product orientated approach consist of
Use the businesses internal strengths
Launch it on the market
Try to be innovative/differentiated
Reduced expenses on market research
Example – Dyson, Apple, Samsung
What does a market orientated approach consist of
Customer led – put the customer first
Find out what customers want
Launch it on the market
More expensive than Product Orientated(research and brand promotion costs)
Example - Chosen by you range Asda
Define market research
the process of gathering and interpreting data
What is market research used for
It’s about customers and competitors within a firm’s target market
It’s to help businesses reduce risk and make marketing decisions.
Benefits to a business of researching their market
For decision making, reduces risk and cost of making poor decisions
To develop a marketing plan based on data gathered about the 4Ps
To react and prepare for changes in the market
To become Market Orientated
Define primary research
Primary research is NEW data gathered by the business
Examples of primary research
Questionnaires, Interviews, Observation, Loyalty cards, Focus groups, Consumer panels, Test marketing
Define secondary research
research method that involves using already existing data
Examples of secondary research
The Internet
Government Agencies (e.g. Office of National Statistics)
Public Libraries
Educational Institutions (e.g. Colleges & Universities)
Newspapers / Magazines
TV / Radio
Company Reports (both own and competitors)
Market research Agencies
