Market Research and Customer Segmentation Quiz

Evie, Ava, and Matilda are planning to start a business. Why should they conduct market research?

• To understand the needs of their potential customers and develop suitable products

• To understand the actions of their competitors and create better products

• To gain views from potential customers and inform their product development

• All of the above

Emily and Isabelle are planning to start a new bakery business. Henry, their friend, asks them when they should conduct market research for their bakery. What should be their response?

• Before launching the bakery

• After launching the bakery

• During the first year of the bakery business

• Never

Rosie is conducting a research for her new business idea. Which method should she use to gather primary data?

• Reviewing government publications

• Checking competitor websites

• Creating a questionnaire/survey

• Reading Mintel reports

Sophie, Scarlett, and Ishaan are conducting a research project for their school. They are considering using primary research. What would be an advantage of them doing so?

• It is cheaper and quicker for them to access

• It provides them with up-to-date information

• It covers a large sample and timeline for their project

• It is based on their opinions and detailed feedback

Isla, Ava, and Jacob are working on a school project about market trends. They decide to use some existing data for their project. Which method are they using?

• Creating a questionnaire/survey

• Making observations

• Using government publications

• Conducting customer trials

Oscar is starting a new business and is considering using secondary research to gather information. What could be a disadvantage of this approach for Oscar?

• It is expensive for Oscar to access

• It provides Oscar with outdated information

• It is based on opinions and detailed feedback

• It is not specific to Oscar's business

Florence, Thomas, and Jacob are running a startup. They are considering market segmentation for their product. What could be the purpose of this?

• To identify and meet specific customer needs

• To increase their startup's market share

• To create more specific promotions for their product

• All of the above

Lily, Amelia, and Alexander are discussing about age-based market segmentation. Amelia gives an example. Which of the following could be Amelia's example?

• Different TV channels for different age groups

• Daytime OAP meal deals

• Suits for businesspeople

• Different sportswear in different locations

Henry, Isabelle, and George are running a startup. They are considering market segmentation for their product. What could be an advantage of this approach for their startup?

• It helps meet specific customer needs

• It increases sales and profit

• It attracts more customer segments

• All of the above

Freya, Sophie, and George are university students who live together. Considering their lifestyle, which of the following market segmentation examples would be most applicable to them?

• Frozen meals and easy meals for university students

• Bigger family pack portion sizes

• Lower prices and live band entertainment

• Facilities like a park for children to play on