1.2.1 - 1.2.2 Customer needs & market research PART A

Which of the following statements are reasons why it is important for a business to identify and understand customer needs? The business is:

• More likely to generate sales and less likely to survive

• More likely to generate sales and more likely to survive

• Less likely to generate sales and less likely to survive

• Less likely to generate sales and more likely to survive

Which of the following customer needs has been met when life is made easier by choosing to buy and use a specific good or service?

• Price

• Quality

• Choice

• Convenience

Comments made on 'X' (Twitter) can be monitored and provide business with useful qualitative research. Which of the following methods of data collection is this an example of?

• online surveys
• focus groups
• social media monitoring
• telephone interviews

Which of the following best describes the term, market research?

• The process of selling products in a market
• The process of advertising products to a target audience
• The process of manufacturing products for a specific market
• The process of gathering information about a target market or audience to understand their preferences, needs, and behaviors.

Which of the following is the most suitable method to gather in depth views, from a small group of consumers, regarding the name and packaging of a business' new product?

• Online surveys
• Telephone interviews
• Focus groups
• Social media polls

Market research can help businesses to identify where the exact needs of customers are not being fully met with existing product offerings. This is best described as:

• Developing new products
• Analyzing market trends
• Identifying gaps in the market

• Increasing customer satisfaction

Which of the following best describes the term secondary research?

• Conducting experiments to gather new data
• Interviewing experts to gather information
• Gathering information from existing sources
• Analyzing primary sources to gather information

A start-up business wants to find out about the number of competitors in the local area. Which of the following is the most suitable way for the business to quickly gather this information?

• Conducting a survey of local residents
• Market research via the internet

• Focus group

• Observations on the high street

Which of the following statements relates directly to quantitative data

• What motivates a customer to buy a product

• How a customer feels when they buy a product

• Why a customer chooses one branded product over another

• The number of customers that buy a product

Which of the following best describes quantitative data?

• Data based on opinions, beliefs and attitudes

• Data collected using primary research

• Data based on numbers that can be analysed statistically

• Data collected using secondary research