Ch.7 Review-Market Research

What is one of the objectives of market research mentioned in the document?

• To increase sales

• To evaluate the purpose and value of market research

• To develop new products

• To improve customer service

What does market research help to identify in potential customers?

• Their favorite colors

• Their buying habits

• Their geographic location

• Their political views

Why is it important to understand demographic characteristics in market research?

• To predict weather patterns

• To identify age and gender

• To analyze stock markets

• To develop new technologies

Which of the following is considered market research by stores?

• Your favorite color

• Your shopping frequency

• Your pet's name

• Your favorite movie

How do companies keep track of customer brand preferences?

• Track your brand preferences

• Guess based on trends

• Use outdated data

• Ignore customer choices

What is the process of gathering and analyzing data about people or companies called?

• Market research

• Random sampling

• Data ignoring

• Trend guessing

How do companies use market research to improve their products?

• By understanding customer needs

• By ignoring feedback

• By reducing quality

• By increasing prices

Which demographic factor is related to a person's job?

• Income

• Occupation

• Education

• Age

Which of the following is NOT listed as a demographic segmentation factor?

• Race

• Gender

• Language

• Income

What type of research helps companies understand different market demands?

• Product research

• Market research

• Financial research

• Technical research