Chapter 2: Market Research

The importance of market research in business is:

• To understand customer needs and preferences

• To increase production costs

• To reduce employee turnover

• To eliminate competition

LEGO uses market research to understand its audience by:

• conducting surveys and focus groups

• analyzing sales data

• collaborating with educational institutions

• all of the above

Before launching its 'Share a Coke' campaign, Coca-Cola extensively researched:

• consumer behavior and preferences

• advertising strategies

• production costs

• global market trends

Which of the following is a subtype of secondary research?

• Focus Groups

• Observations

• Internal Sources

• Interviews

Quantitative research is focused on:

• exploring subjective experiences

• understanding cultural phenomena

• measuring and analyzing numerical data

• developing theoretical frameworks

Which of the following is a subtype of quantitative research?

• Focus Groups

• Structured Surveys

• Interviews

• Observations

Competitive analysis involves:

• analyzing the strengths and weaknesses of competitors

• creating a marketing plan

• developing new products

• hiring new employees

In the context of market research, selecting the right type of research is important because:

• it ensures accurate data collection and analysis.

• it saves time and resources.

• it helps in understanding consumer behavior.

• all of the above.

What is the first step in conducting market research according to the text?

• Identifying the target market

• Analyzing competitors

• Collecting data

• Developing a marketing strategy

Before entering a new market or improving a product, a business must first understand:

• its competitors.

• its customer needs.

• its financial status.

• its marketing strategy.