1.1.2 Market research
Revising
Understand
Product orientation Market orientation
focus on product itself focus on consumer wants when
✓ eos = cheaper developing product
✓ focus on quality ✓ respond to market changes
✗ lack innovation ✓ meet consumer need
✗ consumer may not want it ✗ $$ + time consuming market research
Primary market research Secondary market research
info didn’t exist b4 data that alr exists from sources
outside the biz
questionnaire
existing market research reports,
telephone interviews
sales figures, stock movements
focus group
external data
observation
info from competitors, gov
publications, data from customer
service complaints
Limitations of market research, sample size and bias
human behaviour
unpredictable
sampling bias
large pop = more generalisable
questionnaires
1.1.2 Market research 1
Revising
Understand
Product orientation Market orientation
focus on product itself focus on consumer wants when
✓ eos = cheaper developing product
✓ focus on quality ✓ respond to market changes
✗ lack innovation ✓ meet consumer need
✗ consumer may not want it ✗ $$ + time consuming market research
Primary market research Secondary market research
info didn’t exist b4 data that alr exists from sources
outside the biz
questionnaire
existing market research reports,
telephone interviews
sales figures, stock movements
focus group
external data
observation
info from competitors, gov
publications, data from customer
service complaints
Limitations of market research, sample size and bias
human behaviour
unpredictable
sampling bias
large pop = more generalisable
questionnaires
1.1.2 Market research 1
