3.5.3 The Purpose and Methods of Market Research

What is market research?

• The process of selling products to consumers

• The process of identifying and understanding customers and their needs

• The process of setting prices for products

• The process of creating advertising campaigns

Which of the following is not a common method of market research?

• Focus groups

• Online surveys

• Observational research

• Sales forecasting

What is primary market research?

• Research conducted by competitors

• Research conducted by a third-party

• Research conducted by the business itself

• Research conducted by the government

What is secondary market research?

• Research conducted by a third-party

• Research conducted by the business itself

• Research conducted by competitors

• Research conducted by the government

Which of the following is an example of a quantitative research method?

• Focus groups

• In-depth interviews

• Observational research

• Counting visitors to an online store

Which of the following is not a limitation of market research?

• High costs

• Time-consuming

• Limited access to data

• Always provides accurate results

Which of the following is an example of a closed-ended question in a market research survey?

• "What do you think of our product?"

• "How do you think we could improve our product"

• "How often do you use our product?"

• "What is your favorite thing about our product?"

Which of the following is an example of a open-ended question in a market research survey?

• "Yes" or "No" questions

• Rating scales

• Multiple-choice questions

• "What suggestions do you have for improving our product?"

Which of the following are a benefit of secondary research? Tick all that apply.

• Cheap

• Quick

• Easy

• Specific to businesses needs

Which of the following are benefits of primary research? Tick all that apply.

• Specific to the businesses needs

• Up-to-date

• Cheap

• Easy