- marketing to meet the specific demands of customers and potential customers
- businesses focuses on making products that people want to buy rather than what they want to make
- businesses use promotional strategies (tv advertising, “to inform, remind and persuade customers” to purchase their products.)
Advantages of market research
- be more customer focussed is pioneering
- More likely to have successful product launches
- Predict/anticipate market changes.
- market research findings = businesses having the latest market research
Disadvantages
- gathering market info is expensive
- secondary market research data is available to rival firms too
- limitations to research: bad sample size, outdated information, unrepresentative results