4850278
Description
Mind Map by Charlotte Summerly, updated more than 1 year ago
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Created by Charlotte Summerly
almost 9 years ago
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Market Research
- Market
Orientated
- Organises its activities, products and
services around the wants and the needs
of its customers
- Benefits; strong understanding of
customer needs, newer products have a
greater chance of success
- Limitations; high research costs to understand customer
needs
- Organises its activities, products and
services around the wants and the needs
of its customers
- Product
Orientated
- Own primary focus
on its product that
is new and exciting
- Benefits; encourages technical
advantages, focus on quality and
product
- Limitations; doesn't recognise
fashion and trends, may be no
gap in market for the product
- Limitations; doesn't recognise
fashion and trends, may be no
gap in market for the product
- Benefits; encourages technical
advantages, focus on quality and
product
- Own primary focus
on its product that
is new and exciting
- Primary Research
- Research which is collected first hand
- Benefits; reliable,
not biased, up to
date
- Limitations; can be
expensive, time
consuming
- Limitations; can be
expensive, time
consuming
- Benefits; reliable,
not biased, up to
date
- Research which is collected first hand
- Secondary Research
- Using info that has
previously been collected
- Benefits; time saving,
cheap, can choose from
wide range of sources
- Limitations; out of date,
unreliable, invalid
- Limitations; out of date,
unreliable, invalid
- Benefits; time saving,
cheap, can choose from
wide range of sources
- Using info that has
previously been collected
- Quantitative Data
- Information based
on numbers
- Benefits; useful for large amounts
of people, easy to analysis
- Limitations; knowledge gained can be very general,
not specific
- Limitations; knowledge gained can be very general,
not specific
- Benefits; useful for large amounts
of people, easy to analysis
- Information based
on numbers
- Qualitative Data
- Based on opinions and
info is in more detail
- Benefits; can study things in
more depth, more detailed
information
- Limitations; very
time consuming,
it is difficult
- Limitations; very
time consuming,
it is difficult
- Benefits; can study things in
more depth, more detailed
information
- Based on opinions and
info is in more detail
- Market Segmentation
- A market segment
is a group of
customers who
have similar wants
and needs
- Segment the market through
age, gender, income and
social class
- Segment the market through
age, gender, income and
social class
- Benefits; more successful, develop products that are
more closely meet customer needs, aim promotions
more at specific customers
- Limitations; can be hard to reach customers segments,
difficult in measuring and predicting consumer behaviour
- Limitations; can be hard to reach customers segments,
difficult in measuring and predicting consumer behaviour
- A market segment
is a group of
customers who
have similar wants
and needs
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