Virtual Business Fall 2024 Final Exam Review

Front

What is the primary purpose of market research?

Back

To understand customer preferences and behaviors

Front

Which of the following is an example of primary research?
- Reading online industry reports
- Conducting a customer survey
- Reviewing competitor pricing online
- Using census data

Back

Conducting a customer survey

Front

A target market is:

Back

A specific group of customers most likely to buy a product

Front

What is the difference between qualitative and quantitative data?

Back

Quantitative data involves numbers; qualitative data involves descriptions.

Front

Why is it important to research competitors in market research?

Back

To identify strengths and weaknesses in their approach

Front

What is the definition of Primary Research?

Back

Direct data collection from surveys or interviews

Front

What does Secondary Research involve?

Back

Data collected from existing sources

Front

Which term refers to a specific group of customers a business targets?

Back

Target Market

Front

What is the study of customer decision-making processes called?

Back

Consumer Behavior

Front

Which type of data is expressed in numerical form?

Back

Quantitative Data