Market Research Quiz - FMP

What is the primary purpose of market research?

• To generate profit for businesses

• To reveal truth and inform business decisions

• To confirm existing theories

• To follow trends blindly

What type of questions should you aim to ask for your survey?

• Open questions

• About the customers day

• Closed ended questions

• Ranking questions

Answer explanation

This was discussed in your week 3 class during the first session...

According to the video, why is it not necessarily a bad thing if a hypothesis in market research turns out to be wrong?

• It leads to more confusion

• It proves incompetence

• It reveals the truth and provides valuable insights

• It results in wasted time and resources

Which company experienced a viral TikTok sensation in 2021, leading to a significant increase in sales?

• Oracle

• Bloom and Wild

• Facebook

• Little Moons

How did Little Moons adapt their strategy based on market research findings?

• Increased prices

• Changed PR strategy to focus on TikTok story

• Launched new flavors

• Reduced production

What did Bloom and Wild discover through market research about consumer preferences for Valentine's Day gifts?

• Consumers prefer red roses

• People don't care about thoughtful gifts

• Red roses are considered a cliche

• Valentine's Day is not a popular gift-giving occasion

What example is provided in the video to highlight the consequences of skipping market research?

• Little Moons

• Bloom and Wild

• Oracle

• Facebook's smartphone "First"

What could have been avoided by Facebook if they had conducted market research before launching the smartphone "First"?

• Increased press coverage

• Muted response and poor sales

• Global IT leadership

• Epic fails

What advice does the video offer to businesses regarding market research?

• Skip market research for quicker results

• Rely on intuition rather than data

• Ensure market research is a crucial part of decision-making

• Only focus on success stories

How many questions are you expected to think of for next weeks class?

• 100-150

• 3-6

• 10-20

• 14-27