Market Research Quiz

What is the main purpose of market research in a micro business venture?

• To determine the needs and wants of customers

• To create employment opportunities

• To increase production output

• To minimize competition

Which of the following is a primary data collection method?

• Government publications

• Surveys

• Industry reports

• Trade journals

Market segmentation is used to:

• Determine the total market size

• Divide the market into smaller segments

• Increase prices

• Minimize advertising costs

Which factor is not typically considered in market research?

• Consumer behavior

• Production cost

• Competitor analysis

• Market trends

A SWOT analysis helps businesses understand:

• Their external environment only

• Their internal and external environments

• Only their strengths and weaknesses

• Only their opportunities

Which of the following is an example of a secondary data source?

• Focus group interviews

• Census data

• Direct observation

• Customer feedback

What is the first step in conducting market research?

• Analyzing data

• Identifying the research problem

• Choosing a research method

• Collecting data

In market research, sampling involves:

• Collecting data from all possible respondents

• Gathering a representative group of respondents

• Focusing only on one demographic

• Interviewing customers only

The goal of competitive analysis in market research is to:

• Reduce customer base

• Understand competitors' strategies

• Increase production costs

• Avoid government regulations

A business can identify customer preferences through:

• Tax records

• Surveys and feedback

• Competitor sales data

• Newspaper articles