Market Research Test

What is the definition of market research?

• Researching utilized products to increase sales and profits

• Determining the market size and growth potential of a company

• Gathering and analyzing information and report findings related to marketing goods and services.

  
  

• Identifying potential buyers by researching consumer behavior

Which type of market research does surveys and questionnaires gather?

• Qualitative Research

• Quantitative Research

What is the advantage of using secondary data in market research?

Click all that apply

• It is already collected for some purpose

• It provides more accurate results

• It is less expensive to obtain

• It allows for in-depth analysis

What is the first step in the marketing research process?

• Defining the problem

• Obtaining data

• Analyzing the data

• Recommending solutions

Which type of question asks for a specific answer from choices provided?

• Forced-Choice

• Open-Ended

What is the purpose of analyzing data in market research?

• To compile and interpret the results

• To identify potential buyers

• To determine market size and growth potential

• To test product features

What is the final step in the marketing research process?

• Applying the results

• Defining the problem

• Obtaining data

• Analyzing the data

An advantage of secondary data is that the information is already available.

• True

• False

What does market research NOT do for a company?

• Increase sales and profits

• Compare competitive products

• Understand current markets

• Identify potential buyers

What type of data does a focus group provide to market research?

• To provide quantitative data

• To provide qualitative data