RO67 - 2.1 - The Purpose of Market Research

What is the main purpose of market research?

• To create new products and services.
• To understand customer needs and the market.
• To gather information about competitors.
• To develop marketing strategies.

What is one way market research can help businesses make better decisions?

• By predicting future trends.
• By identifying potential investors.
• By understanding customer preferences.
• By creating new advertising campaigns.

What is an example of a method used to collect market research data?

• Analyzing social media posts.
• Conducting interviews with experts.
• Observing customer behavior in stores.
• Surveying customers.

How can market research help businesses reduce the risk of failure?

• By ignoring customer feedback.
• By understanding customer needs and preferences.
• By avoiding market trends.
• By focusing only on competitors.

What is the first step in the market research process?

• Analyzing data.
• Presenting findings.
• Deciding what information to gather.
• Creating a questionnaire.

How can businesses use market research to gain a competitive advantage?

• By ignoring competitors.
• By understanding competitors' strengths and weaknesses.
• By avoiding market trends.
• By focusing only on their own products.

What is the final step in the market research process?

• Collecting data.
• Organizing data.
• Analyzing data.
• Presenting findings.

How can market research help businesses develop better products?

• By ignoring customer feedback.
• By understanding customer needs and preferences.
• By avoiding market trends.
• By focusing only on competitors.

What is one benefit of using graphs and charts in market research?

• They make data harder to understand.
• They help visualize data and identify patterns.
• They reduce the need for data collection.
• They eliminate the need for surveys.

How can market research help businesses anticipate trends?

• By ignoring market data.
• By analyzing customer behavior and preferences.
• By focusing only on competitors.
• By avoiding data analysis.