Research Methods and Analysis

Focus group is a method of primary research

• True

• False

Name one advantage of secondary research methods.

• Access to primary data sources

• High accuracy in data collection

• Immediate results from research

• Cost-effectiveness and time-saving.

Digital literacy, that is, the understanding of using technology will come under which component of the PESTLE analysis

• Political

• Environmental

• Technological

• Economical

How does Porter's Five Forces model help businesses?

• It provides a detailed financial analysis of the company.

• It helps businesses understand their competitive environment and develop strategies.

• It focuses solely on internal company performance.

• It eliminates the need for market research.

When you conducted your research, the fact that you chose a country from the continents to target for marketing. What sort of segmentation of market is that?

• Geographic

• Phsychographic

• Behavioural

• Demographic

What type of question is typically used in qualitative research?

• Multiple choice questions

• True/False questions

• Open-ended questions

• Rating scale questions

Threat of substitutes is….?

• Products that can be used instead of yours ( product your company is selling)

• Part of Porter’s 5 Forces model

• Threat from someone named substitute

• It is another product from the same industry that can pose a threat as it can steal your potential customers.

What is the purpose of conducting a PESTLE analysis?

• To evaluate internal team dynamics.

• To determine pricing strategies for products.

• To analyze customer satisfaction levels.

• To assess external factors affecting an organization.

How can market segmentation benefit a company?

• Market segmentation benefits a company by enabling targeted marketing, improving customer satisfaction, and increasing sales.

• Market segmentation eliminates competition in the market.

• Market segmentation reduces the need for customer feedback.

• Market segmentation leads to higher production costs.

What are the five forces in Porter's Five Forces model?

• Supply chain management strategies

• Threat of new entrants, Bargaining power of suppliers, Bargaining power of buyers, Threat of substitute products or services, Rivalry among existing competitors.

• Customer satisfaction metrics

• Market share analysis