Tracker 1 prep

What is the main purpose of market research?

• To increase production

• To understand consumer needs and preferences

• To reduce employee turnover

• To improve office decor

Which of the following is a characteristic of primary research?

• It uses existing data

• It is usually less expensive

• It involves collecting new data firsthand

• It is always conducted online

Which of the following is an example of secondary research?

• Conducting a survey

• Analysing existing reports

• Holding a focus group

• Interviewing customers

What is market segmentation?

• Dividing a market into distinct groups of buyers

• Increasing the price of a product

• Reducing the number of products offered

• Expanding into new geographical areas

Which of the following is a market segmentation strategy?

• Geographic segmentation

• Product diversification

• Price skimming

• Cost leadership

What is a key difference between mass and niche markets?

• Mass markets target a specific group, while niche markets target everyone

• Mass markets have a broad appeal, while niche markets focus on specific needs

• Mass markets are always more profitable than niche markets

• Niche markets require more advertising than mass markets

Which of the following is a form of business ownership?

• Monopoly

• Partnership

• Oligopoly

• Cartel

What is a characteristic of a franchise?

• It is owned by a single individual

• It allows individuals to operate under a recognised brand

• It is a non-profit organisation

• It does not require any initial investment

How does competition impact businesses?

• It reduces the need for innovation

• It encourages businesses to improve quality and reduce prices

• It guarantees higher profits

• It eliminates the need for marketing

What is a social enterprise?

• A business that focuses solely on profit

• A business that prioritises social objectives over profit

• A business that operates only online

• A business that does not pay taxes