Topic 2

Question 1

Product orientation -> key features

Answer 1

. Focuses on creating high-quality goods and services and improving production with minimal consideration of customer preferences
. Emphasises innovation and efficiency in production
. Suitable for industries where unique features dominate

Question 2

Market orientation -> key features

Answer 2

. Focuses on understanding and satisfying customer needs
. Responds to market demands by tailoring products and services
. Leads to higher customer satisfaction
. Encourages innovation based on customer feedback

Question 3

Factors influencing orientation

Answer 3

. Nature of the product
. Competitive environment
. Objectives of the business

Question 4

Market research -> purpose

Answer 4

. Identify and anticipate needs
. Quantify demand
. Understand consumer behaviour

Question 5

Primary research -> methods

Answer 5

. Surveys and questionnaires
. Interviews
. Focus groups
. Observation
. Test marketing

Question 6

Secondary research -> sources

Answer 6

1. Internal
   . Sales figures, past research reports, customer feedback
2. External
   . Government publications
   . Market reports from agencies like Mintel
   . Industry trends and competitor analysis

Question 7

Limitations of market research

Answer 7

. Cost and time
. Sampling issues
. Bias
. Reliability of secondary data

Question 8

Uses of ICT in market research

Answer 8

. Social media
. Online surveys
. Databases
. Web analytics

Question 9

Types of market segmentation

Answer 9

. Geographic
. Demographic
. Psychographic
. Behavioural

Question 10

Benefits of market segmentation

Answer 10

. Increased revenue
. Customer satisfaction
. Efficiency in marketing