Market Research and Customers and Competition

If conducted ____, ____, and ____, market research can assist a firm in their decision making.

• appropriately

• exclusively

• frequently

• accurately

The primary aim of market research is to

• analyse competitors

• reduce risk by providing information

• increase profits

• gain a further understanding of the market

What are some key questions to ask in the process of market research?

• Have sales been met?

• Who is not in my target market?

• Customer reactions?

• Who are customers buying from and why?

____ ____ can be expensive and time consuming but provides market improvement and competitiveness.

1. Define needs

2. Data collection

3. Analyse data

4. Interpret findings

5. Feedback to managers

6. Manager decisions

is the process of:

What is the correct order of steps for the process of market research?

• 1. Data collection

  2. Interpret findings

  3. Define needs

  4. Analyse data

  5. Manager decisions

  6. Feedback to managers

• 1. Manager decisions

  2. Feedback to managers

  3. Data collection

  4. Analyse data

  5. Define needs

  6. Interpret findings

• 1. Data collection

  2. Analyse data

  3. Interpret findings

  4. Define needs

  5. Feedback to managers

  6. Manager decisions

• 1. Define needs

  2. Data collection

  3. Analyse data

  4. Interpret findings

  5. Feedback to managers

  6. Manager decisions

The collection of information or data to better understand what is happening in the market place:

Before undertaking a new business venture, ____ ____ should be conducted to assess potential demands.

Primary market research is also known as '____ ____'.

What are some examples of primary market research?

• Test models

• Surveys

• Observation

• Previously available data