Unit 3.2 Market research

Why do businesses use market research?

• To identify customer needs

• To sell goods and services

• To advertise

Why do businesses use market research?

• To identify customer needs

• To sell goods and services

• To advertise

What is the first step for a new business?

• To attract repeat purchases

• To attract trial purchases

• To attract advertising

What does desk research involve?

• Gathering new data

• Gathering existing data

• Conducting surveys

What is information collected about opinions and views called?

• Quantitative data

• Qualitative data

• Segmentation

How does accurate market research help a business?

• By avoiding risk

• By reducing risk

• By eliminating risk

What does a market segment identify?

• All products in the market

• Competitors

• Groups of people with similar buying habits

What can a market map be used to identify?

• Gaps in the market

• Competitors

• Groups of people with similar buying habits

What is the name of an individual who is asked questions in a survey?

• A supplier

• A sample

• A respondent

What are the total number of people selected to answer market research questions called?

• A supplier

• A sample

• A respondent