Theme 1 : topic 10

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  • Created by: psinfield
  • Created on: 20-01-19 16:01
What is market research?
It involves gathering and analysing data to assist with business decision making.
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What is a marketing orientated approach?
Means a business reacts to what the customers want.
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What is product orientated approach?
Means a business develops products based on what it is good at doing, rather than starting with what a customer wants.
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What is sampling?
When conducting primary market research, a business cannot ask all potential customers, only a sample can be asked.
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What is sample bias?
When completing large samples it is impossible to get accurate findings, due to sample bias.
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What is market segmentation?
The process of dividing a market up into groups of consumers with similar characteristics.
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What are the advantages market segmentation?
Get a better understanding of the needs of the market. Increase sales as products are adapted to market segment. Identifying ways of promoting a product.
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What are the disadvantages of market segmentation?
Difficulty in identifying the most important segments. Meeting the needs of customers not included in the chosen segment. Segmentation is an approximation of behaviour. Targeting different segments is more complex and costly.
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Other cards in this set

Card 2

Front

What is a marketing orientated approach?

Back

Means a business reacts to what the customers want.

Card 3

Front

What is product orientated approach?

Back

Preview of the front of card 3

Card 4

Front

What is sampling?

Back

Preview of the front of card 4

Card 5

Front

What is sample bias?

Back

Preview of the front of card 5
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