Marketing and Market Research Essentials

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Marketing

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process responsible for identifying, anticipating, and satisfying customer needs profitably

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Market

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place or mechanism where buyers and sellers meet to exchange goods and services

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Market Orientation

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approach focusing on identifying and meeting customer needs

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Product Orientation

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approach focusing on product quality and innovation rather than customer needs

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4Ps of Marketing

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Product, Price, Place, Promotion

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Marketing Mix

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of product, price, place, and promotion strategies

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Market Research

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process of collecting, analysing, and interpreting information about a market

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Primary Research

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collection and analysis of first-hand data directly from original sources

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Secondary Research

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use of existing data collected for other purposes

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Qualitative Research

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focusing on opinions, attitudes, and motivations