Market Research (Edexcel A-Level Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Product orientation
Product orientation
Prioritising manufacturing process & technical excellence
Market orientation
Market orientation
Continuously investigating & responding to customer requirements
Why product orientation worked historically
Why product orientation worked historically
Limited competition, growing demand, minimal int'l competitors
Henry Ford's market approach with Model T
Henry Ford's market approach with Model T
Identified price point first, then designed car to meet it
Marketing mix
Marketing mix
Right product, right price, right place, right promotion
Key advantage of market orientation
Key advantage of market orientation
Faster response to changing conditions & market trends
Orientation spectrum
Orientation spectrum
Businesses position between product & market orientation extremes
Examples of product-oriented businesses
Examples of product-oriented businesses
Coal mining, wheat farming, water supply companies
Examples of market-oriented businesses
Examples of market-oriented businesses
Clothing retailers, soap manufacturers, supermarket chains
Pure research
Pure research
Investigation without specific end product or consumer need in mind