Marketing Research Review

Examine the steps in a marketing research project as shown in the diagram and explain the importance of each step in the process.

A good question must be ____________ clear and concise .

To ensure clarity, the interviewer should avoid asking ____________ asking two questions in one ____________.

Brad wants to find a job in the field of advertising. An easy way for Brad to find out the names of all the advertising businesses in his area would be to

• visit local businesses.

• use Google.

• ask his friends.

• read the yellow pages.

Ted is planning a new advertising campaign for his company, a stable that offers private horseback-riding lessons. Which of the following data would be most useful for Ted's marketing decision making:

• Sales volume data for the horse-racing industry

• Strengths and weaknesses of local horse veterinarians

• Market share data for his company during the past year

• Demographic data for local dog and cat owners

What is the main purpose of market research for a business?

• To understand the competition

• To set prices for products

• To identify potential customers

• All of the above

Answer explanation

Better make sure your business idea is going to work. It's all about the planning. Research, research and even more research

Fill in the blank:

_______ market research is research that you do yourself

Ula is thinking about adding a product in her store. She sends an email to her customers asking if they would be interested in buying the product. She is being

• responsible

• inquisitive

• creative

• goal oriented

It details how the proposed business will sell its product to the target consumer.

• Marketing Plan

• Financial Plan

• Organizational Plan

• Introduction

Why do businesses use market research?

• To identify customer needs

• To sell goods and services

• To advertise