Orientation & Research
Marketing: management process responsible for identifying, anticipating, and satisfying customer requirements profitably
Product Vs Market-Oriented Approach
Product-oriented: approach prioritizes a product's design quality or performance
Market-oriented: approach prioritizes customer needs and wants
Market Orientated:
Customer needs
Market Research
Product Orientated:
External Production Process
Invention
Market Orientated approach:
Customer-led
Find out what customers want
Launch it on the market
More expensive than product-oriented
Product-oriented approach:
Focus on the product and create a solid, high-quality, and reliable product
Try to be innovative and differentiated
Reduced expenses on market research
Market research is the process of gathering and interpreting data
Benefits
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-oriented
Drawbacks
expensive
requires a lot of time
data accuracy - reliability
information overload
Primary research: new research done a business
Primary research methods:
Questionnaires (surveys)
Interviews
Observation
Loyalty cards
Benefits:
tailored data
more control over data
gather unique insights
Drawbacks:
time consuming
expensive
limited sample size
Secondary research: research using existing data
Secondary research methods:
The Internet
Government Agencies
Public Libraries
Educational Institutions
Benefits:
cost effective
access to pre-existing data
Quicker process
Drawbacks:
data may not be up to date
may not be reliability
find unwanted data
Quantitative Data: Numerical data and measuring responses
Data displayed in charts, graphs, statistics, and percentages
Questionnaires written to gather numerical data
Qualitative Data: written data
Information gathered through focus group discussions, interviews, and observations of buyer behavior
Marketing: management process responsible for identifying, anticipating, and satisfying customer requirements profitably
Product Vs Market-Oriented Approach
Product-oriented: approach prioritizes a product's design quality or performance
Market-oriented: approach prioritizes customer needs and wants
Market Orientated:
Customer needs
Market Research
Product Orientated:
External Production Process
Invention
Market Orientated approach:
Customer-led
Find out what customers want
Launch it on the market
More expensive than product-oriented
Product-oriented approach:
Focus on the product and create a solid, high-quality, and reliable product
Try to be innovative and differentiated
Reduced expenses on market research
Market research is the process of gathering and interpreting data
Benefits
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-oriented
Drawbacks
expensive
requires a lot of time
data accuracy - reliability
information overload
Primary research: new research done a business
Primary research methods:
Questionnaires (surveys)
Interviews
Observation
Loyalty cards
Benefits:
tailored data
more control over data
gather unique insights
Drawbacks:
time consuming
expensive
limited sample size
Secondary research: research using existing data
Secondary research methods:
The Internet
Government Agencies
Public Libraries
Educational Institutions
Benefits:
cost effective
access to pre-existing data
Quicker process
Drawbacks:
data may not be up to date
may not be reliability
find unwanted data
Quantitative Data: Numerical data and measuring responses
Data displayed in charts, graphs, statistics, and percentages
Questionnaires written to gather numerical data
Qualitative Data: written data
Information gathered through focus group discussions, interviews, and observations of buyer behavior
