Component 1 - LAC Keywoods

What is primary research?

• Research conducted using existing data

• Research conducted by gathering new data directly from sources

• Research conducted by analysing secondary data

• Research conducted by reviewing literature

Which of the following is an example of secondary research?

• Conducting surveys

• Analysing existing reports

• Interviewing experts

• Observing customer behaviour

What does SWOT stand for in SWOT analysis?

• Strengths, Weaknesses, Opportunities, Threats

• Strategies, Weaknesses, Opportunities, Tactics

• Strengths, Weaknesses, Options, Tactics

• Strategies, Weaknesses, Options, Threats

In a PEST analysis, what does the 'P' stand for?

• Political

• Product

• Price

• Promotion

Which of the following best describes 'value' in a business context?

• The cost of producing a product

• The perceived benefit to the customer

• The price at which a product is sold

• The revenue generated from sales

What is a product in marketing terms?

• A tangible item only

• A service only

• Both tangible items and services

• An idea only

What is the primary purpose of market research?

• To determine the cost of production

• To understand customer needs and preferences

• To set the price of a product

• To design the product packaging

Which of the following is a method of primary research?

• Reading industry reports

• Conducting focus groups

• Analysing competitor data

• Reviewing academic journals

What is meant by customer expectations?

• The price customers are willing to pay

• The benefits and experiences customers anticipate from a product or service

• The cost of producing a product

• The revenue generated from sales

Which of the following is NOT a component of a SWOT analysis?

• Strengths

• Weaknesses

• Opportunities

• Strategies