Market Research Quiz

What is the primary purpose of conducting market research?

• To determine which products should be eliminated or altered

• To reduce the risk in making business decisions

• To create effective marketing campaigns

• To analyze competitor offerings

Which best describes quantitative research?

• Results are measurable and can be counted

• Results cannot be projected upon a larger population

• Strives for a large enough sample size so that results can be projected upon a larger population

• Strives for a large enough sample size so that results can be projected upon a larger population, and results are measurable and can be counted

Research where thoughts, opinions, and observations are collected that cannot be expressed in numbers is _____.

A guided discussion with a small group of participants is a(an) ________.

_______ is a top factor in determining the cost of a survey research study.

What is the purpose of a focus group?

• To survey potential respondents

• To gather feedback, opinions, and brainstorming

• c. To express data numerically

• d. To describe a target market overall

What is a sample in market research?

• A subset of the target market

• Data expressed numerically

• Existing data from past research studies

• Original research conducted with specific research questions

What is a target consumer/target market?

• The population of consumers with a need or desire for a product or service

• Data sources internal to a company

• A guided discussion with a small group of participants

• Data expressed numerically

Which type of research involves gathering and analyzing existing information previously collected by the same organization?

• External Secondary Research

• Quantitative Primary Research

• Internal Secondary Research

• Qualitative Primary Research

What are common key factors to consider when determining whether to engage in market research practices?

• Level of risk, cost of data collection method, type of data required, and deadline

• Type of industry, budget allocation, expertise of the researcher, and timeline

• Company size, location, target market, and research budget

• Type of data required, location of data collection, expertise of the researcher, and level of risk