Lean Market Research

An organized way to gather and analyze information needed to make business decisions is called ______ ________.

Existing information that was previously gathered for a purpose other than the study at hand is called _______ ____.

• primary data

• secondary data

• initial data

• ordinary data

New information that is collected for a particular purpose. is called _______ ____.

• primary data

• secondary data

• initial data

• ordinary data

Market research tells information about ​ (a)   ​, ​ (b)   , and the business environment.

• customers
• competition
• financial statement
• human resources
• financial statements
• the business operations

Market Research is important for many reasons. Match each reason with its description

• Product Design

• Products and services can be designed to specifically align with the wants and needs of the customer segment.

• Obtaining Finances

• It is much easier to attract people, banks, or companies to invest in your business or loan you money if you’ve done thorough market research.

• Avoids Costly Mistakes

• Making incorrect guesses about your market can lead to wrong decisions.

Trade groups and journals, business magazines and reports are examples of primary data.

• True

• False

Focus Groups is another example of secondary research.

• True

• False

Interviews, surveys, and observations are examples of primary research.

• True

• False

Match the following types of research with its description.

• Observations

• A questionnaire is administered in person, by telephone, by regular mail, or by e-mail.

• Focus Groups

• You can learn a lot about potential customers’ reactions and behaviors without talking with them.

• Trade Groups and Journals

• This is a small number of people who are brought together to discuss a particular problem, product, or service.

• Interviews or Surveys

• Organizations that conduct market research related to their particular industry

• Government & Local Community Resources

• The local chamber of commerce or other business development agency.

Which of the following sources can be used as primary and secondary data?

• Interviews

• Observations

• Social Media

• Focus Groups