What is market research?

• Market research is the process of gathering, analyzing, and interpreting information about a market, including its consumers and competitors.

• Market research is the process of guessing about competitors

• Market research is the process of ignoring consumer behavior

• Market research is the process of selling products in a market

Explain market segmentation.

• Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.

• Market segmentation is the process of combining all buyers into one group with the same needs and characteristics.

• Market segmentation is the process of targeting only one specific buyer in the market.

• Market segmentation is the process of ignoring the needs and characteristics of buyers in the market.

What is product development in the context of business studies?

• Product development is the process of outsourcing production to other countries

• Product development is the process of reducing the variety of products offered to customers

• Product development refers to the process of creating new marketing strategies

• Product development in business studies refers to the process of creating new or improved products to meet the needs of customers and to stay competitive in the market.

Why is market research important for businesses?

• Market research is not important for businesses because they can rely on their intuition and guesswork

• Market research is not important for businesses because it is too time-consuming and expensive

• Market research is not important for businesses because they already know everything about their target market

• Market research is important for businesses because it helps them understand their target market, identify opportunities, and make informed business decisions.

How does market segmentation help in targeting specific customer groups?

• Market segmentation helps in targeting specific customer groups by allowing businesses to tailor their products, services, and marketing strategies to better meet the needs and preferences of each specific customer group.

• Market segmentation helps in targeting specific customer groups by ignoring the needs and preferences of different customer groups

• Market segmentation helps in targeting specific customer groups by making the marketing strategies generic for all customer groups

• Market segmentation helps in targeting specific customer groups by increasing the cost of products and services for different customer groups

Which of the following is NOT an example of primary research?

• Surveys

• Focus groups

• Online news report

• Observation

What type of research involves collecting data that already exists?

• Primary research

• Secondary research

• Market research

• Product research

Which of the following is an example of market orientation?

• A company creates a new product without considering customer needs

• Company conducts market research to identify customer needs and preferences before creating a new product

• A company relies on historical sales data to determine product features

• A company uses expert opinions to guide product development

What is the purpose of market segmentation?

• To create a product that appeals to everyone

• To identify and target specific customer groups with unique needs and preferences

• To develop a product that can be sold in multiple markets

• To expand the company's market share

Which of the following is an example of secondary research?

• A company conducts a survey to collect data on customer preferences

• A company analyses sales data to identify trends in customer behavior

• A company conducts interviews with industry experts to gain insights into market trends

• A company observes customers in a store to understand their shopping habits