Understanding Market Research Flashcard

Front

What is the main topic of the text?

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Market Research

Front

What type of document is this text?

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An article

Front

What is the likely purpose of the text?

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To inform about market research

Front

Which of the following is NOT a focus of market research? Understanding consumer needs, Analyzing competitors, Developing new products, Creating advertisements

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Creating advertisements

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What is a key component of market research?

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Data collection

Front

Which method is commonly used in market research?

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Surveys

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What is the significance of market research?

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It helps businesses make informed decisions.

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What might be a result of effective market research?

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Increased sales

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Which of the following is a potential outcome of poor market research? Increased market share, Enhanced customer loyalty, Misguided business strategies, Improved product quality

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Misguided business strategies

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What is one challenge faced in market research?

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Gathering accurate data