Business Studies

• Internal Sources of Secondary Research

  • Sales department records
  • Opinions of Distribution and Public Relations personnel
  • Finance department
  • Customer service department
• Sample


  A group of people who are selected to respond to a market research exercise
• Random Sample


  When people are selected at random as a source of information for market research
• Quota Sample


  When people are selected based on their characteristics
• Types of primary research

  • Online surveys
  • Focus groups
  • Interviews
  • Questionnaires
• Primary research


  Collection of original data via direct contact with potential or existing customers
• Product Oriented


  Business produces the product first then tries to find a market for it
• Market research


  Process of finding out what customers want or need before a product is made
• Market


  1. Identify customers needs and wants (market research)

  2. Develop and product a product based on that
• Marketing budget


  A financial plan for the marketing of a product for a period of time
• Market Oriented


  A business approach that prioritizes identifying the needs and desires of consumers and creating products that satisfy them
• Product oriented


  • High quality products that meet customer needs and preferences
  • Allows the business to gain a competitive advantage by offering unique features that are difficult to replicate by other competitors
• Disadvantages of product oriented

  • Consumers may not buy these products until they have been fully tried and tested and until advertising has persuaded them to purchase the products
  • Risky to produce products and hope that they will sell without first carrying market research to find out if customers will even WANT the product