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1.1.2 Market Research (Categories of market segmentation (Income,…
1.1.2 Market Research
Product orientation is where a business develops products/services based upon what they are good at making or doing rather than what a customer wants.
Market orientation is where a business develops products/services based upon the wants and needs of their customers, rather than what the business views the customer wanting.
Product orientation would use secondary research only, investing internally in R&D
Market orientation would use primary and secondary research
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Sampling methods
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Systematic - after selecting a starting point between 1 and n, every nth is select (n = population size/sample size)
Stratified - population seperated into groups based upon income, age, location, etc and then random sample from each selected
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