Market Research

Why do businesses use market research?

• To identify customer needs

• To sell goods and services

• To gain information about competition

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 the products in the market

• Competitors

• Groups of people with similar buying habits

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

• A supplier

• A sample

• A respondent

Which of the following is an example of primary research?

• Internet research

• A focus group

• Company reports

What is the guidance for the maximum number of people to involved in a focus group?

(a)  

What is market segmentation?

• The process of splitting up a business into different departments

• The process of splitting up a target market into different groups

• The process of splitting up the products of a business into different categories

What does geographical segmentation refer to?

• Splitting up a target market based on location

• Splitting up a target market based on the sports the people play

• Splitting up a target market based on how much money the people earn