Market Research Quiz

What is the primary purpose of market research?

• To increase production costs

• To maximize shareholder profits

• To understand and meet customer needs

• To decrease brand awareness

Which of the following is a form of primary market research?

• Analyzing sales reports

• Conducting surveys

• Reviewing competitor websites

• Examining government statistics

What is the main advantage of using a questionnaire for data collection?

• Provides in-depth insights 

• Requires minimal time and effort 

• Allows for face-to-face interaction 

• Is less expensive than other methods 

Which of the following is an example of quantitative data?

• Customer opinions 

• Focus group discussions 

• Sales figures 

• Observational notes 

What is the purpose of a SWOT analysis in market research?

• To measure customer satisfaction

• To identify strengths, weaknesses, opportunities, and threats

• To assess market share

• To determine pricing strategies

While doing market research for his new business, Sebastian is using a 'population'. What does 'population' refer to in this context?

• The total number of potential customers Sebastian is targeting

• The group of people Sebastian is surveying for his research

• The area where Sebastian is planning to launch his startup

• The team of people working on Sebastian's startup

Which of the following is a quantitative measure in a population?

• Religion

• Income

• Beliefs

• Values

What is the purpose of conducting competitor analysis?

• To copy their marketing strategies 

• To identify strengths and weaknesses relative to competitors 

• To establish a monopoly in the market 

• To lower prices and outcompete them 

Which of the following is an example of qualitative data?

• Number of units sold 

• Customer satisfaction feedback 

• Amount of revenue made for the quarter 

• Production costs 

What is a focus group?

• A target market for advertising

• A method of secondary data collection

• A small group of people discussing a product or service

• A statistical analysis technique for market research