business theme 1: Market research

what is product orientation and when is it appropriate?

=a business focuses only on the product

• little competition in market

• little consumer knowledge

• low disposable consumer income

what is market orientation and what are some benefits?

=business focuses on consumer needs and meeting them

• understand consumer knowledge

• identify potential competitors

• reduces risk

3 benefits a business gains after researching their market?

1. react to / prepare for market changes 

2. develop a marketing plan about market mix 

3. reduces risk of making poor decisions 

what is primary market research and why is it good?

=business conducts research themselves 

• data is specific to business needs

• data benefits business

what is secondary market research and what is it called?

gathering data that already exists

=desk research

limitation of market research?

• human behaviour / bias

• depends on people who take part (have to take time out)

what are market segments and what are some examples?

=a part of a market where customers share one or more need

• location

• age

• gender 

• lifestyle