Business Research & Feasibility Quiz

What is the main purpose of business research when establishing a business?

• To create a new product

• To develop a business plan based on market understanding

• To hire employees

• To obtain legal advice

Which of the following is a primary research method?

• Newspaper reports

• Sales records

• Focus groups

• University journals

How can competitor analysis benefit a new business?

• It reduces start-up costs

• It identifies product weaknesses

• It reveals strengths of competitors and opportunities to stand out

• It lowers the business's tax obligations

Why might an entrepreneur choose secondary data over primary data?

• It is always more accurate

• It is easier and quicker to access

• It includes direct customer opinions

• It is less expensive to collect

Which section of a business plan benefits most directly from financial research?

• Marketing strategy

• Financial planning

• Human resources

• Customer service

What might a feasibility study reveal about a business idea?

• Exact future profits

• How many employees to hire

• Whether the business idea is viable in the current market

• Steps to create a prototype

Which cost type is NOT considered in a feasibility study?

• Labor costs

• Government subsidies

• Equipment costs

• Marketing expenses

What is an advantage of using primary research?

• Data is directly relevant and current

• It requires no additional cost

• It takes less time

• It includes past data on trends

A feasibility study is critical because it helps to...

• Determine exact profit

• Predict customer behavior

• Assess if a business idea is realistic and financially sound

• Analyze competitors' weaknesses

Which of these is NOT a source of secondary data?

• Trade association studies

• Surveys

• Official publications

• Websites