Homework - Market Research and Target Customers

What is location in the context of target customers?

• Where a person lives

• How much people earn

• Grouping people by how they live

• Segmenting markets based on age

Which demographic factor is commonly used to segment markets based on age groups?

• Location

• Lifestyle

• Income

• Age

Which type of products are often gender-segmented?

• Toiletries and clothes

• Cosmetics and music

• Food, books, and entertainment

• Sports and leisure items

What is one of the competitive factors that businesses need to consider?

• Competitors' prices

• Competitors' quality

• Competitors' range of products

• All of the above

What is market research?

• Segmenting the market into different demographic groups

• Understanding the competitive environment

• Research conducted by a business or individual

• Calculating the best quality-to-profit ratio

Which method of primary research involves respondents answering a set of written questions?

• Observations

• Focus groups

• Interviews

• Questionnaires

What is an advantage of primary research?

• Up to date and new recent information

• Less costly and time-consuming

• Always accurate and reliable

• Does not require experienced researchers

Which demographic factor is commonly used to target customers with higher income?

• Location

• Lifestyle

• Income

• Age

What is one of the competitive factors related to competitors' quality?

• Higher quality products can fetch a higher selling price

• Sales decrease as price increases

• Businesses need to match their product range with competitors

• Adding value to charge more than competitors

Which type of products are often race-segmented?

• Toiletries and clothes

• Cosmetics and music

• Food, books, and entertainment

• Sports and leisure items