What is market research?

• Designing new products

• Studying consumer behaviour to make informed decisions

• Tracking a company’s sales

• Managing employees

What is a key benefit of market research?

• It guarantees business success

• It ensures customer satisfaction

• It reduces risks by providing insights

• It increases profits overnight

What distinguishes primary market research from secondary research?

• It is always free to conduct

• It involves gathering new data directly from sources

• It uses data collected by other businesses

• It is only used by small businesses

Which of the following is NOT an example of secondary research?

• Government statistics

• Online articles

• Conducting surveys

• Market reports

What type of data is described as opinions and feelings?

• Quantitative data

• Qualitative data

• Secondary data

• None of the above

Which of the following is a primary research method?

• Academic journals

• Focus groups

• Competitor reports

• Census data

What is an issue with using surveys for market research?

• They take too much time to complete

• They are not specific to your target market

• They may be subject to bias or misleading answers

• They are always expensive to conduct

What is meant by sampling in market research?

• Collecting data from every person in the population

• Testing different research methods

• Using a smaller group to represent a larger population

• Conducting experiments on products

How does random sampling differ from quota sampling?

• Random sampling selects participants based on characteristics

• Random sampling ensures every individual has an equal chance

• Quota sampling is less expensive

• Quota sampling doesn’t require research planning

What is meant by promotion in a business context?

• The process of selling products at discounted prices.

• The activities that raise awareness of a product or service and encourage customers to buy it.

• The recruitment of new employees to improve business operations.

• The development of new products or services.