3.2 Market Research IGCSE Business Studies

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[@chanithjanuka9375]

Market oriented businesses are much more successful because their better able to survive in the market and also they are more adaptable to changes in customer need. As the business has already carried out market research before any product is developed and introduced, there is a less chance that the business will fail

[@Haru-xg9cg]

market - orientated businesses is the good option as the business would know what product there consumers want where as in product oriented businesses, businesses are not sure that the product they are producing is really needed in the market so the business would have to find people who are interested in buying their product🙂

[@kanzakhan.25]

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[@bashookamal4864]

I think it’s market oriented since they focus on market research when developing a product to satisfy their customer needs or wants . While doing a market research they will be going through market segments such as religion or age or gender and while doing a market research the business will be able to know how to satisfy their customers and who are they targeting and in this way they will be less risky and will definitely be successful

[@MSME2156]

market orientated business is more important to do it first in order to reduce the risk of a product failing in the business then they can have a higher chance at the product succeeding in the market.

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he hard work on tags but not video kontent n' qualitee

[@bananjadallah145]

market oriented business as its a trusted method because the business already know the taste of the consumers also this way will increase the life cycle of the product because people are more likely to buy products that suits them.

[@cinnamonsugar9940]

market oriented businesses are better because they carry out market research to find out the customers needs and wants while products oriented dont. So market oriented is the better choice if a business wants it customers wants and needs to be met.

[@sensebusiness]

Good answer.

[@kronus4915]

Generally yeah, but if quality is your thing or if you operate in a niche market, product oriented businesses usually have more loyal customers which leads to brand loyalty and recognition and higher profits. But if you've got money to spend on research generally market oriented business perform better

[@mariyamkareem3725]

Market oriented business is better because it fits the customer needs and wants, more likely to have a wider range of market for it and is better than product oriented businesses because unlike market oriented businesses, product oriented businesses might have a big loss or business failure if they fail to find a market for their product and it will all go in vain

[@hamzafarooq7000]

market oreintated is better as you know what the consumer wants and there is a low risk that the product will fail.Product willl meet consumer needs and thus it will last longer in the market campared to goods produceed by product oreintated approach.-Plz correct me if i am wong and you teach so well😉

[@Officialpuri]

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[@monaansari8924]

Market oriented businesses are likely to be more successful as compared to product oriented. Firstly by conducting marketing research it is clear what is in demand, what can be improved and whether this demand is long term or short term . It also helps determine if whether the costs of updating a product are worthwhile as compared to its life. Secondly spending patterns need to be considered as well. If the majority of target market is on a low income or government has recently increased taxes then the product might not do well. Thirdly tastes and fashion are very subjective and if something appeals to you it is not possible it will appeal to a large number as well.

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[@sensebusiness]

Cheers. Which country if you don't mind me asking

[@anhadarora9054]

@@sensebusiness I am from India but studying in Singapore. I am in 9 IGCSE

[@anhadarora9054]

@@sensebusiness i love your videos!! they help me understand better. Keep up the good work mate!!

[@sensebusiness]

@@anhadarora9054 thank you. Good luck

[@aahilmafas6225]

haha same

[@rudradhamsania9732]

Market-oriented is a better option as it would help the business first to identify the consumer's needs and want but in product-oriented it isn't like that. Market-oriented is better as the risk taken by the company would be less as they have a clear idea of what the customers want so they can directly address it there is no problem that will people buy or no. However market-oriented businesses will have more expenses as market research is costly to do.

[@JJ-Olee]

Market oriented businesses because it's a safer option, with product oriented businesses you would be taking a huge risk putting a product into an unknown market compared to market oriented businesses where market research is carried out and you can predict the success of your product or weather it will succeed in s certain market.

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[@abdelrahmansultan8834]

market orientated business is alot better since its a safer and more accurate form of what the customers want. the risks of the product failing is super low since its what people wanted

[@yashganatra1919]

Depends whether the product is a necessity or any other type If it is necessity then product-oritented, if any other then market oriented. It is better to use product oriented for new products that are invented Plz mark by commenting Pl

[@tjaom330]

Market orientated businesses are the best because they do the market research and then they produce the product which is the best

[@redacted430]

This is a bit vague. It may be safer for you to go into more detail and backup your answer by mentioning how identifying consumer needs and producer a product that aligns with those needs reduces risk of failure.

[@faifungphuku]

@@redacted430 who ahsked

[@unknownanass244]

Can you give me the adv and disadv of the methods of primary research?

[@faifungphuku]

no

[@asmahussein5088]

Amazing explanations

[@sensebusiness]

Thank you

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ur a life saver

[@rydwaannundloll174]

Is quota sampling can be based on market segmention?

[@kaustav5947]

Do you think advantages and disadvantages of questionnaire, online surveys, interviews and focus groups are important?

[@aahilmafas6225]

yea, it affects the information you collect from your customers, so advantages and disadvantages should be something to consider.

[@faifungphuku]

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[@malihamehmood5331]

This was really helpful

[@sensebusiness]

Thank you. Do you do biology?

[@linmarza]

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[@temi1629]

Why don't u post anymore

[@alsa2612]

I think market oriented business is better for a business as if a product will be according to the people's need it will already be successful but on the other hand a product oriented business has a higher risk of failure

[@Mightyyy_]

how was the exam?

[@IgasBakery]

thanks for this

[@yasir3918]

Thanks

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u and speaking fast? i see your video in 1.75 speed

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i know right

[@aahilmafas6225]

I mean, we get a free leason lol

[@youngbodybuilder932]

Thanks a lot

[@kshitij82]

Sir what is the difference between quota sampling and market segmentation ?

[@Cappumeero]

Quota sampling is when a business chooses specific people out of a certain group to conduct a survey from. And market segmentation is a part of the whole market

[@ashwikaagarwal5637]

[totally exceeding the word limit required but:] market-oriented businesses are more likely to survive and succeed because market research has already taken out. the business would adapt to the customer needs and preferences and prepare themselves for the challenges predicted for the future. market-oriented businesses may take a lot of time to research, however, this type of business would already be ready to sell their product and would not just wait around and try to get a customer to purchase their product as product-oriented businesses do. this type of business is a safer choice as well. market research is also needed so that a large chunk of money would not be wasted. in many cases of product-oriented businesses, not many people buy the product, there would be very few/ even no sales and therefore, the business could even go out of profit/ go bankrupt. market-oriented is always a better choice and also improves the product quality accordingly.

[@felipebrignoni3948]

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[@maanehamudasir4994]

Thank u this was quite helpful

[@sensebusiness]

I am glad

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[@sajeedali7146]

is this from cambridge books or edexcel books ??

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[@sadafzahid7710]

Sir what is marketing budget ?

[@akeindesilva8638]

thank u

[@habibakhalid6128]

Thank you so much!!

[@sensebusiness]

your are welcome :)

[@Ibrahim.ak03]

my sir has explained already but forget the explaination

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My exam is in 30min