Market Reserach

Which is not a use for market research?

• Identifying what services customers want

• Deciding what merchandise to sell

• Determining tax deductions

• Forecasting sales

Which is NOT one of the steps of conducting market research

• Apply for government funding

• Identify problem

• Obtain data

• Choose the best solution

What are the two main sources of data?

• Computer/real world

• Government/Private sector

• Primary/secondary

What is a focus group?

• A set of retail outlets designated as test stores

• A small group of people who provide opinions under the direction of discussion leader

• Elite consumers chosen for their trend-setting taste

What is a disadvantage of using a large sample size?

• Privacy concerns

• Tax Liabilities

• Increased expense

• Less accuracy

True or false: Secondary data is often gathered before primary data?

• True

• False

Is secondary data generally more expensive or less expensive than primary data?

• More

• Less

Which is NOT a source of secondary data?

• A business's own Facebook survey

• Past sales records

• Trade associations

• Federal government

Which question is an example of quantitative market research?

• How did you hear of our product?

• Why did you buy this product?

• How many times did you purchase this product in the past 6 months?

A questions beginning with "how" or "why" is usually what type of research question?

• Binary

• Secondary

• Qualitative

• Propiretary