Slides in this set
Understanding Customer Needs
Businesses want to provide products that
customers will want to buy
This is called `market orientation'
They develop new products that will suit
the needs of their customers, therefore
ensuring sales and more revenue
They will develop a product depending on
who is most likely to buy it…read more
Companies find out what their customers want through
Market research answers questions such as:
Who is the target market?
Where are they?
What do they want?
What are our competitors doing?
How can we do things better?
Market research can be done in 2 ways:
Secondary Research…read more
Types of Research
Primary Research Secondary Research
"Field Research" "Desk Research"
Information that is newly Involves using information
created that has already been
Can be collected by research
firms or by the business itself It is cheap and readily
Up to date
Information might be out of
Can be expensive to collect date or might not be relevant
Takes longer to collect Can be obtained from:
This can be through: Government statistics
Observations Market Research companies
Interviews (telephone or Newspapers
Company's past data