1.2.1 & 1.2.2 - Customer needs & market research (PART B)

Which of the following is a reason why businesses conduct market research?

To identify and understand:

• Employee needs

• Shareholder needs

• Customer needs

• Manager needs

Which of the following best describes a type of survey that involves asking a series of questions to respondents to find out specific information to meet business needs?

• Observation

• Questionnaire

• Government report

• Market report

Information regarding total market sales and individual business sales in that market can be gathered via market research. The data collected can be used to calculate:

• Market share

• Profit

• Cash-flow

• Break even

Which of the following statements best describes the term primary market research?

• Data collected first-hand for a specific purpose

• Data already collected for a specific purpose

• Data collected first-hand for a general purpose

• Data already collected for a general purpose

Lifestyle changes in today’s society has meant that many people no longer have the time to cook and prepare meals from scratch. As a result, the ready meal market has grown significantly over recent years. Which customer need is the ready meal market primarily meeting?

• Price

• Quality

• Choice

• Convenience

Which of the following is a benefit to a start-up business of identifying and understanding customer needs?

• Increased possibility of survival

• Lower chance of breaking even

• Customer demand for its products will be minimal

• Increased risk of making costly mistakes

Which of the following questions is most likely to result in the gathering of qualitative data?

• Why?

• How many?

• When?

• How often?

Which of the following best describes the term market share?

• The process of gathering and analysing data

• The group of customers at which a good or service is aimed

• The percentage of total market sales sold by one business

• The total sales of a market in terms of value or volume

An independent coffee shop offers customers a wide selection of coffee types. Which of the following customer needs is being met:

• Convenience

• Choice

• Quality

• Price

Which of the following is most likely to be a benefit of collecting data via focus groups?

• The data collected is usually quantitative and easy to analyse

• Detailed information can be collected about consumer tastes

• They are quick and inexpensive to conduct

• A large sample size is usually involved making the data fully reliable