Summary Unit 1 - Developing New Business Ideas market research
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Course
Unit 1 - Developing New Business Ideas
Institution
PEARSON (PEARSON)
a) Product and market orientation
b) Primary and secondary market research data (quantitative and qualitative) used to:
o identify and anticipate customer needs and wants o quantify likely demand
o gaininsightintoconsumerbehaviour
c) Limitationsofmarketresearch,samplesizeandbias
d) Use of ICT ...
¥ Product orientation is an inward looking approach to new
product development where the key focus is on what
products can be made and the production process
¥ Informed by scientific research and technical development
(R&D)
¥ The business will concentrate on producing high quality
products and then later look to create a market for them
¥ Most common with technologically advanced products
where the consumer does not have the technical
knowledge or insight to realise that this product could
exist or that they would want it
Market orientation
¥ Market orientation is an outward looking approach to new
product development were the key focus is on what
products the consumer wants
¥ Informed by market research
¥ The business will concentrate on understanding the needs
of the consumer and then adapting or producing products
to meet these needs
¥ Reduces, but does not eliminate, the risk of new product
development
Market research
¥ Market research is the collection and analysis of data and
information to inform a business about its market
¥ Data collected and analysed is used to:
¢ identify and anticipate customer needs and
wants
¢ quantify likely demand
¢ gain insight into consumer behaviour
¥ Primary market research (field research) involves the
collection of first hand data that did not exist before and
therefore it is original data
¥ Secondary market research (desk research) is research
that has already been undertaken by another organisation
and therefore already exists
Primary market research
, v Examples of primary market research include:
v Surveys and questionnaires
v Postal
v Telephone
v Face–to-face
v On-line
v In depth interviews
v Focus groups
v Observations
Secondary market teacher
v Examples of secondary market research include:
v National and Local Government e.g. Office for
National Statistics
v Market Research organisations e.g., MORI, MINTEL
v Professional bodies e.g., ACCA
v Trade unions and Confederation of British Industry
(CBI)
v International bodies e.g., EU, OECD
v Academic organisations e.g., universities
v Newspapers and magazines
v The Internet
Qualitative and quantitative data
¥ Qualitative research is the gathering of non-statistical
information that gives a company in depth insight into the
reasons for human behaviour
¥ Quantitative research is the gathering of statistical data to
inform the company about people’s behaviour but does
not identify the reasons
Limitations of market research
¥ Past data and trends may not be a fair indication of the
future
¥ Accuracy of research findings
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