Market research

Which of the following is a reason why businesses conduct market research?

To identify and understand:

• Employee needs

• Shareholder needs

• Customer needs

• Manager needs

Which of the following is a benefit to a start-up business of identifying and understanding customer needs?

• Increased possibility of survival

• Lower chance of breaking even

• Customer demand for its products will be minimal

• Increased risk of making costly mistakes

Which of the following statements best describes the term primary market research?

• Data collected first-hand for a specific purpose

• Data already collected for a specific purpose

• Data collected first-hand for a general purpose

• Data already collected for a general purpose

Which of the following is most likely to be a benefit of collecting data via focus groups?

• The data collected is usually quantitative and easy to analyse

• Detailed information can be collected about consumer tastes

• They are quick and inexpensive to conduct

• A large sample size is usually involved making the data fully reliable

Which two of the following are examples of secondary research?

Select two answers:

• Questionnaires

• Internet

• Surveys

• Government reports

• Focus groups

Which of the following best describes a type of survey that involves asking a series of questions to respondents to find out specific information to meet business needs?

• Observation

• Questionnaire

• Government report

• Market report

7. Your teacher has asked you to explain the difference between quantitative and qualitative observations. Which statement is correct?

• Quantitative observations use numbers, qualitative uses the senses.

• Quantitative observations use the senses, qualitative uses numbers.

• Quantitative observations use measurement, qualitative uses numbers.

• Quantitative observations use colors, qualitative uses the senses.

Which two of the statements are advantages of market research?

• Helps a business understand customers and competitors

• It can be very time consuming

• It could be difficult to analyse

• Helps a business create targeted marketing

Which two of the following statements are disadvantages of primary research?

• Many people don't like completing surveys

• You can find specific information

• Some people just say what they want you to hear

• The business has control over the research and results

Why do businesses conduct market research?

• To help identify gaps in the market and business opportunities.
• To provide people with jobs
• So they can share their findings with competitors
• It is a government requirement