1.1.2 Primary and Secondary research

• What is product orientation?

  Prioritizing product design over customer preferences
• What is one advantage of product orientation?

  High quality innovative products
• What is one disadvantage of product orientation?

  Risk of producing unwanted products
• What is market orientation?

  Prioritizing consumer needs in product creation
• What is one advantage of market orientation?

  Higher likelihood of customer satisfaction
• What is one disadvantage of market orientation?

  Can limit innovation due to trend focus
• What is movers advantage?

  Being first to market gives competitive edge
• What is market research?

  Gathering and analyzing information about goods
• How does effective market research help a business?

  It reduces risks and informs decision-making
• What are the benefits of researching the market for a business?

  • Reduces risks and costs of poor decisions
  • Develops marketing plans based on data
  • Prepares for market changes
  • Helps become market oriented
• What is an example of primary research?

  Questionnaires and surveys
• What are the types of research methods?

  • Primary: Collecting new information
  • Secondary: Using existing data
• What is an example of secondary research?

  Websites and social media
• What is qualitative research?

  Exploring feelings and thoughts about products
• What is quantitative research?

  Gathering data and measuring responses
• How does qualitative research differ from quantitative research?

  Qualitative explores feelings; quantitative measures data
• What are the advantages and disadvantages of primary and secondary research?

  Advantages of Primary:

  • Tailored to specific needs
  • Up-to-date information

  
  

  Disadvantages of Primary:

  • Time-consuming
  • More expensive

  
  

  Advantages of Secondary:

  • Cost-effective
  • Quick access to data

  
  

  Disadvantages of Secondary:

  • May be outdated
  • Less specific to needs
• What is the difference between qualitative data and quantitative data?

  Qualitative is descriptive; quantitative is numerical