Market Research Quiz

What is the purpose of identifying customer needs?

• To develop a product that an entrepreneur wants to sell

• To find out what the competition is doing

• To find out what customers want and develop a product to match this

What is a gap in the market?

• A part of the market where there is a demand that is not being met

• A part of the market where there is a demand that is being met

• A way of segmenting a customer base

What are the two main methods of market research?

• Initial and secondary

• Primary and tertiary

• Primary and secondary

What is a focus group?

• A group discussion that provides qualitative data

• A group of people who complete a questionnaire

• A way of segmenting your customer base

Which of these is an advantage of secondary research?

• It is not specific to the business

• It is quick and easy to gather

• It could be out of date

Which of these is a key characteristic of quantitative data?

• It is expressed as words and opinions

• It takes a long time to gather and is difficult to analyse

• It can be displayed in charts and graphs

Which of these is a method of conducting external research?

• Looking at information on the internet

• Looking at previous company sales figures

• Looking at previous cash flow forecast information

Which of these is a disadvantage of using social media for market research?

• It gives access to larger markets

• It can be time consuming to carry out

• It is cheaper than other forms of research

Why is having reliable market research data important?

• It allows the business to make properly informed decisions

• It means the business will make errors because of false information

• It allows businesses to copy their competitors

Customers Needs

• Quality

• Choice

• Convenience

• Price