Managers take into account the needs of the consumer before making any decisions
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What is product orientation?
Managers focus on internal efficiency by employing a large sales force and cutting costs and prices
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What is primary and secondary market research data used for?
Identify and anticipate customer needs and wants, quantify likely demand, gain insight into consumer behaviour
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What are the limitations of market research?
Accuracy. A large sample size can still have inaccuracies and take a long time. Small ones may not represent the population. Samples may be bias
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How can a business use ICT to support market research?
Websites can automatically generate customer questionaires. Social networking can create bonds between the consumer and the brand Databases provides the retailer with a multi-million user database
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What is market segmentation?
Finding ways to divide up the market to identify untapped opportunities
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Other cards in this set
Card 2
Front
What is product orientation?
Back
Managers focus on internal efficiency by employing a large sales force and cutting costs and prices
Card 3
Front
What is primary and secondary market research data used for?
Back
Card 4
Front
What are the limitations of market research?
Back
Card 5
Front
How can a business use ICT to support market research?
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