Primary Market Research

What is the main purpose of primary market research for businesses?

• To advertise new products to customers

• To replicate existing market research studies

• To analyze competitors' sales data

• To gain first-hand insights and information about the market

Which of the following is NOT a method of primary market research?

• Analyzing competitors' financial reports

• Focus Groups and Interviews

• Surveys and Questionnaires

• Observations

What is the difference between a survey and a questionnaire?

• A survey is only conducted online, while a questionnaire is paper-based

• There is no difference; they are the same

• A questionnaire is a written set of questions, while a survey includes collecting and analyzing responses

• A survey is a set of questions, while a questionnaire includes analysis

Which platform is commonly used for conducting surveys online?

• Facebook

• Survey Monkey

• Adobe Photoshop

• Microsoft Excel

What is a key benefit of conducting focus groups and one-to-one interviews?

• They provide more in-depth information

• They are less expensive than surveys

• They can be conducted quickly

• They do not require participant recruitment

What was the outcome of Chrysler Plymouth's use of focus groups in the 1950s?

• They discontinued the convertible model

• They targeted advertising specifically to women, increasing sales

• They decided to focus solely on the husband's preferences

• They stopped using focus groups for market research

What is a potential drawback of test marketing?

• It does not allow for customer feedback

• It always guarantees product success

• It can be expensive and time-consuming

• It provides too much data to analyze

Why is primary market research generally more expensive than secondary research?

• Because it uses already available data

• Because it does not require any data analysis

• Because it only uses online surveys

• Because it involves collecting new data specific to the business

What is a risk associated with the participants chosen for primary market research?

• They may not be representative of the target market

• They always provide accurate and useful data

• They do not require any incentives to participate

• They prefer secondary research methods

What is a key benefit of primary market research?

• It is always quick and easy to conduct

• It provides data that is not specific to the business

• It offers up-to-date and relevant data specific to the business

• Competitors have access to the same data