The Role of Market Research & Method Used

What is market research?

• The process of collecting, analysing, and interpreting information that provides businesses with important information

• The process of attracting potential customers and clients to a product or service

• The process of determining how to price and advertise the product as well as how to best distribute it to consumers

• The process involving paying for space to promote a product, service, or cause

Which one is a market-oriented business?

• The business develops products based on what they're good at producing.

• The business will do market research to know what goods it should produce.

• The business creates the product first, then looks for a market for it.

• The business focuses on product improvement and cost-cutting in the production process.

Can market research determine the product's strengths and flaws?

• YES

• NO

What information does market research give to a business?

• - The customers

  • - The profit

  • - The competitors

• • - The customers

  • - The competitors

  • - The market

• • - The customers

  • - The employees

  • - The competitors

Can the information obtained from market research predict demand?

• YES

• NO

Is secondary research a research method that uses data that was collected yourself?

• YES

• NO

Which one is a primary research example?

• textbooks

• published market studies

• analyst report

• interviews

Quantitative research provides what data?

• numbers, tables, graphs, or charts

• People's feelings about the goods, case studies, audio recordings, etc.

How can the information obtained from market research help a business?

• Help identify the market size

• Help promote a company and its products.

• Help keep track of all financial transactions.

• Help enhance efficiency and maximize profit.

If the secondary data is out of date.

Can it be the reason why the data is inaccurate?

• YES

• NO