5456097
Business - Marketing
- Market Research
- Is any kind of activity that
gives a business information
about its product or service, its
customers, its competitors or
the market it operates in.
- Main aim is to provide
information about markets
that the business can use to
make better informed decisions.
- Information gathered can be
in different forms and many
different types e.g. covering
the consumer, competition,
market and wider economy.
- May look at
past or
possible
future.
- Allows businesses
to understand
consumer
behaviour and to
make decisions
that make them
more responsive
to customers'
needs and
increased profits.
- May look at
past or
possible
future.
- Information gathered can be
in different forms and many
different types e.g. covering
the consumer, competition,
market and wider economy.
- Product and Market Orientation
- Refers to where a business focuses its priorities.
- Product Orientation
- Means that a business
concentrates on the
production process and
the product itself.
- Businesses place their
efforts into creating and
developing a technically
impressive product and
then trying to sell it to
the consumer.
- Businesses place their
efforts into creating and
developing a technically
impressive product and
then trying to sell it to
the consumer.
- Aspects
- Product Research
- Product Testing
- Product Focus
- Product Research
- Means that a business
concentrates on the
production process and
the product itself.
- Market Orientation
- When a business concentrates
on the wants of the consumer
and is led by the market.
- Focuses on the wants
and needs of the
customer means that
the business is much
more likely to produce a
product or service that
the customer will want
and will therefore buy.
- Gives the business a competitive
advantage over rival businesses,
that may not be so focused on
customers.
- If the customer is kept
satisfied by the business,
then brand loyalty may be
created and the customer
is more likely to purchase
more products or services
from the business.
- If the customer is kept
satisfied by the business,
then brand loyalty may be
created and the customer
is more likely to purchase
more products or services
from the business.
- Gives the business a competitive
advantage over rival businesses,
that may not be so focused on
customers.
- Focuses on the wants
and needs of the
customer means that
the business is much
more likely to produce a
product or service that
the customer will want
and will therefore buy.
- Aspects
- Market Research
- Market Testing
- Customer Focus
- Market Research
- When a business concentrates
on the wants of the consumer
and is led by the market.
- Refers to where a business focuses its priorities.
- Is any kind of activity that
gives a business information
about its product or service, its
customers, its competitors or
the market it operates in.
- Market Positioning
- Markets
- Marketing: Products / Service Design
- Marketing Strategy
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