Virtual Business Fall 2024 Final Exam Review

Virtual Business Fall 2024 Final Exam Review

11th Grade

87 Qs

quiz-placeholder

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Virtual Business Fall 2024 Final Exam Review

Virtual Business Fall 2024 Final Exam Review

Assessment

Quiz

Other

11th Grade

Practice Problem

Easy

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VASHON LEWIS

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87 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of market research?

To develop a marketing budget

To understand customer preferences and behaviors

To hire more employees

To increase the price of products

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of primary research?

Reading online industry reports

Conducting a customer survey

Reviewing competitor pricing online

Using census data

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A target market is:

A list of every possible customer

A specific group of customers most likely to buy a product

Any individual visiting the store

A type of market defined by competitors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between qualitative and quantitative data?

Quantitative data is descriptive; qualitative data is numerical

Qualitative data describes emotions; quantitative data measures quantities

Quantitative data involves numbers; qualitative data involves descriptions

They are the same thing

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to research competitors in market research?

To imitate their pricing and strategies

To identify strengths and weaknesses in their approach

To lower prices below cost

To avoid marketing similar products

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of Primary Research?

Specific group of customers a business targets

Data collected from existing sources

Direct data collection from surveys or interviews

Study of customer decision-making processes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does Secondary Research involve?

Data expressed in numerical form

Data collected from existing sources

Study of customer decision-making processes

Specific group of customers a business targets

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