Market Research Tools

What is a survey questionnaire?

• A type of dance performed at weddings

• A type of food served at a restaurant

• A set of questions designed to gather information from individuals for the purpose of analysis and research.

• A type of clothing worn in cold weather

How can focus groups help in market research?

• By analyzing sales data and trends in the market

• By conducting surveys with a limited number of participants to gather data

• By relying solely on individual interviews with consumers

• By gathering qualitative data and feedback from a diverse group of participants, allowing researchers to understand consumer perceptions and preferences in more depth.

What is the purpose of observation in market research?

• To manipulate consumer behavior and preferences

• To ignore consumer trends and preferences

• To rely solely on secondary data for market research

• To gather firsthand information about consumer behavior, preferences, and trends.

What are the advantages of conducting interviews for market research?

• Limited scope of information gathered

• In-depth understanding of consumer preferences, opinions, and behaviors, and the opportunity to gather qualitative data.

• Difficulty in reaching a diverse range of participants

• High cost and time investment

What is secondary data analysis and how is it used in market research?

• Secondary data analysis is the process of analyzing existing data that has been collected by others for a different purpose. In market research, it is used to gather information from various sources to gain insights into consumer behavior, market trends, and competitive analysis.

• Secondary data analysis is the least reliable method for gathering information in market research.

• Secondary data analysis is only used in market research for small businesses.

• Secondary data analysis is the process of creating new data for market research purposes.

Why are survey questionnaires a popular tool for market research?

• They provide in-depth insights into consumer behavior

• They allow researchers to control for bias and ensure accurate results

• They allow researchers to gather large amounts of data from a diverse group of people in a relatively short amount of time.

• They are cost-effective and require minimal resources

What are the key components of a successful focus group?

• Unskilled moderator

• Clear objectives, skilled moderator, diverse participants, comfortable environment, well-designed discussion guide

• Unstructured discussion guide

• Homogeneous participants

How can observation be used to gather valuable market research data?

• By analyzing historical sales data

• By directly observing consumer behavior, preferences, and trends in real-life settings such as stores, events, or public spaces.

• By relying solely on online research and data analysis

• By conducting surveys and interviews with consumers

What are the different types of interviews used in market research?

• Video game interviews

• Face-to-face interviews, telephone interviews, online interviews, and focus group interviews

• Social media interviews

• Email interviews

What are the sources of secondary data for market research?

• Personal interviews with friends and family

• Social media influencers

• Random internet forums

• Government publications, industry reports, academic journals, and online databases