Bs1 Revision Booklet

Primary research gives more accurate result then secondary result. It cost a lot as you should research everything yourself or should hire a person. Primary research takes long time to come to conclusion while secondary research takes short time and are easy to research. Primary research is based on raw data and

| According to the text, market segmentation is defined as identifying groups of consumers based on their common needs.Answer

Prior to conducting primary research, companies should first obtain secondary data from all available sources that pertain to the interests of the subject. Companies conducting secondary market research focus on collating sections of research

Primary research is research which is conducted first hand it can include collecting information from interviews, surveys and observations.

According to Horner and Swarbrooke (2005: 39), Segmentation may be defined as the process of dividing a whole market into subgroups or segments for marketing management purposes. Market segmentation is the division of the overall market for a service into various categories with common characteristics. In response to different segments, organisations facilitate the available resources to achieve greater efficiency, in order to satisfy specific needs of customers.

Market segmentation: The process of dividing a market into distinct groups of buyers who might require separate production or marketing mixes (Wells, Burnett, & Moriarty, 2006).

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications

Surveying is also a form of primary research and it is a good way to discover what a large amount of people think about a particular subject and you can cover a wider range. Businesses will use this method of research. The reason they will use this method is because it is able to cover a large quantity of people and what their views are on a particular issue. This kind of research can be created on the computer and then

The American marketing association: www.marketingpower.com defines market research as: "The systematic gathering , recording, and analysis of data about problems relating to the marketing of goods and services". Consumer analysis is an important part of this marketing research.

The market research process is broken down into six different steps: defining the research objective and identifying the managerial problem, determing data sources and research approaches, determining the research design, collecting data, analyzing the data and reporting the final results to the decision maker. The most important and first step of conducting an actionable marketing research is to clearly identify the managerial problem so an effective research can be established. In this step it is important to ask questions on examples such as the market size or growth rate, determine the price model of a product or service, and assess supplier power in this industry. All of these questions will lead to having a defined research objective and goal for the company. Often times, management doesn’t have a clear objective which means the research will not be focused and effective, which can lead to loss of company capital. Now that you know your research objective, the second step in the marketing research is to determine which data source is required along with the appropriate data research approach. Marketing research consists of two types of data resources: primary and secondary resource. According to our textbook, primary data are

Market research is another key characteristic in order to succeed as it helps organisation to determine what consumer’s needs and wants are. By conducting market research it helps understanding what consumers are seeking for and finding ways to provide products or services which customers demand as it very vital.

What is a product oriented approach? Product oriented approach is a business strategy that focuses on its product and on the skills, knowledge and systems that support that product. How about Market Oriented approach in business? Market oriented approach is one that organizes its activities, products and services around the wants and needs of its customers. This paper will focus about the advantages of product oriented approach against market oriented businesses, so here are some points that will convince you to use product oriented strategy than market oriented. First point, A product-oriented approach to business focuses on building a superior product or service, which will pull customers to you

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

Market orientation requires a business to focus both on customers and its’ competition in addition to coordinate all internal business function inclusing HR, finance, operations, IT and

Market segmentation was to dividing a market into distinct groups of buyers with different needs, charactistics or behaviour who might require separate products or marketing mixes, the company will first