Market Research Concepts and Analysis

This video tutorial covers the third chapter of a marketing course, focusing on market research. It explains the importance of market research in strategic marketing, detailing the methodologies used, including data collection, analysis, and interpretation. The video also discusses documentary studies, the types of information sources, and the distinction between primary and secondary data. It further explores market analysis techniques, such as understanding market demand and competition, and concludes with insights into competitive positioning.

What is the primary goal of market research?

• To increase product prices

• To better understand a market and reduce uncertainty in future decisions

• To eliminate competition

• To decrease marketing budgets

Which of the following is NOT a step in market research methodology?

• Defining objectives

• Choosing appropriate study techniques

• Ignoring competitor data

• Executing the study

What is the difference between secondary and primary information in market research?

• Both are collected first-hand

• Both are already available

• Secondary information is already available, primary information is collected first-hand

• Secondary information is collected first-hand, primary information is already available

What type of study is conducted when information is already available?

• Quantitative study

• Qualitative study

• Documentary study

• Field study

What does the PESTEL analysis examine?

• Customer preferences

• Macro-environmental factors

• Market trends

• Product features

Which of the following is NOT part of the PESTEL analysis?

• Technological

• Economic

• Product

• Political

What is the term for the rivalry between companies to gain customers and market share?

• Market segmentation

• Competitive analysis

• Market positioning

• Branding

Who is considered a direct competitor?

• A company selling similar products

• A company selling different products

• A company with no market presence

• A company in a different industry

What is the market share?

• The total number of products sold in a market

• The total revenue of a market

• The percentage of sales a company has in a market

• The number of competitors in a market

What is the role of a market leader?

• To exit the market

• To have the smallest market share

• To follow market trends

• To have the largest market share