OCR Business 2.2 Market Research

Which of the following is an example of primary research?

• Books

• Internet

• Questionnaires

• Journals

Why may a firm wish to ask questions before launching a new product?

• To reduce risk

• To save time

• To save advertising

• To cut costs

Which one of these statements about start-up market research is true?

• A focus group will decide the best selling price

• Start-ups often don't conduct formal market research

• Primary research is better than secondary

• Government grants pay for start-up research

Which of these would be an example of primary market research that a start-up would use?

• Newspaper report on the target market

• Focus group talking about the product idea

• A YouTube search for market reports

• A government report on the target market

Which of these would be the lowest-cost method of research for a start-up?

• A postal survey to 3,000 householders

• Focus group meetings

• Quick survey of followers on Twitter

• In-depth telephone interviews with 100 customers

A likely problem of a start-up using postal surveys for research is likely to be:

• Interview costs are high

• Opinions cannot be surveyed

• Everyone prefers online surveys

• Low response rate

Primary market research for a start-up involves:

• Collecting data first hand

• Using data that is already available

• Collecting data using market segments

• Using socio-economic groups to collect data

The principal role of marketing is to...

• Increase Sales

• Increase Profit

• Increase the number of products made

• Increase the skills of the workers

A business can understand the needs of its customers by...

• conducting market research

• making the best possible product

• setting a lower price than competitors

• having special offers such as buy one get one free

Secondary Research is...

• Data that already exists that has been collected for a different purpose

• Data collected first-hand for a specific research purpose

• Research carried out by customers

• Research carried out by stakeholders