Unit 6 Market Research and Product Development

Fill in the blank: (a)   refers to data that describes a group of people.

• Customer Profile

• Demographics

• Market Research

Fill in the blank: (a)   involves collecting, recording, and analyzing information about customers, products, services, and customers.

• Market Research

• Survey

• Focus Group

Fill in the blank: (a)   helps a business determine where its potential customers live and how far they will travel to visit your business.

• Geographic Data

• Primary Data

• Target Market

Fill in the blank: (a)   involves identifying and examining the characteristics of a competing firm.

• Competitive Analysis

• Customer Profile

• Survey

Fill in the blank: (a)   is an interview with a group of potential customers who provide valuable feedback.

• Focus Group

• Market Research

• Demographics

Fill in the blank: (a)   refers to individuals or companies that are interested in a product or service and are willing to pay for it.

• Target Market

• Customer Profile

• Survey

Fill in the blank: (a)   is a description of the person or company that is likely to buy your product or service.

• Customer Profile

• Demographics

• Competitive Analysis

A survey is:

• A detailed analysis of a subject

• A method of gathering information from individuals

• A type of scientific experiment

• A form of artistic expression

Primary data is:

• Data collected directly from first-hand experience.

• Data collected from secondary sources.

• Data that is outdated and not useful.

• Data that is derived from existing research.

What are the 6 steps of market research?

• Define the problem, Develop a research plan, Collect data, Analyze data, Present findings, Make decisions

• Identify the market, Conduct surveys, Analyze competitors, Develop strategies, Implement plan, Review results

• Set objectives, Gather resources, Conduct interviews, Analyze trends, Develop a report, Implement changes

• Identify target audience, Conduct focus groups, Analyze feedback, Develop marketing plan, Launch campaign, Evaluate success