Orientation

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

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